121: Michael Mauboussin – Tactics for Better Decision Making, and Skill Versus Luck
Chat With Traders
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The Role of Short Hands in Decision Making
Kahneman: There are two big threads to the Kahneman and Tversky work. The first thread has to do with called heuristics and biases, which is what you asked about. And the second is on prospect theory, which is how some of our behaviors depart from what would be normative economic theory. He says short hands often lead to biases that lead to decisions that might not be as good as they could be.
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