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Plain English

Three big ideas from behavioral science (Stick with (someone))

May 27, 2024
Explore three groundbreaking findings from the field of behavioral science: pain is felt more intensely than pleasure, we use two different decision-making systems, and our judgment is often worse than we think. Dive into the impact of Daniel Kahneman's work and gain insights into human judgment across various professions. Discover how experiences and words have a lasting impact on decisions and relationships.
26:27

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Quick takeaways

  • People feel pain more intensely than pleasure, impacting decisions, like selling investments impulsively on losses.
  • Human judgment inconsistency is highlighted, attributing errors to irrelevant influences and randomness, challenging decision-making reliability.

Deep dives

Idea 1: Prospect Theory

Prospect Theory highlights that people value pleasure and pain asymmetrically, experiencing more sadness from losing $100 than happiness from finding the same amount. This insight influences decisions in areas like investing, where reactions to negative news often lead to selling investments at the wrong time due to the heightened impact of losses.

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