Joosr

A Joosr Guide to Thinking, Fast and Slow by Daniel Kahneman

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    Alexander Sokolovhas quoted4 years ago
    your decision making and judgment always objective and practical?
    The answer is a resounding “No!” In fact, our mind is conditioned to be optimistic even when it is not warranted. When undertaking a very risky endeavor, we may remain confident because of this misguided optimism. It clouds our rational ability to gauge risks, learn from past mistakes, or seek advice from people who have expertise in the area. This delusional “feel good” optimism keeps us from investing enough time in planning the endeavor. It gives us the false impression of having a great deal of control over a situation whilst, in fact, this may not at all be true.
    b4047031363has quoted2 years ago
    We must force our System 2 into action to assess the actual facts and figures of our decisions, rather than letting our emotional responses take control. Only then will we overcome the influence of framing on our decisions.
    b4047031363has quoted2 years ago
    Your System 1 thinking process is keeping accounts in your head—calculating your loss, gain, risk and reward, and attaching emotions to the various outcomes. Whether it is out of fear of regret or to give an impression of expertise or simply down to delusional optimism, our emotions tend to color our decisions significantly.
    b4047031363has quoted2 years ago
    Understanding how and when this happens gives us the power to curb this reflexive tendency of ours and make better, more logical, more accurate decisions.
    b4047031363has quoted2 years ago
    While this lack of objective thought is dangerous in many situations, subjectivity helps us make good decisions or judge correctly in others.
    b4047031363has quoted2 years ago
    The memory of the experience that is left behind manages to color the experience itself in every case. In particular, the final portion of the experience is what stays in our mind, and this is what determines how we view that experience as a whole. Importantly, this final conclusion that we draw about the experience influences how we make future decisions. In effect, these future decisions are being made on the basis of our memories of the experiences and not the actual experiences themselves.
    b4047031363has quoted2 years ago
    is because your mind cannot stitch together all of your life’s past experiences, your present situation, and your mental perceptions into one cohesive picture that allows you to weigh up whether you are happier or sadder at the given moment.
    b4047031363has quoted2 years ago
    The brain tends to focus on what we want and where we expect to end up in the future, and this influences our decision making.
    b4047031363has quoted2 years ago
    evaluation stage is when we choose the prospect that offers the maximum value.
    b4047031363has quoted2 years ago
    The prospect theory holds that decision making happens in two stages: editing and evaluation. The editing stage is when the prospects are analyzed, and it is here that presentation can have a massive impact.
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