More or Less: Behind the Stats Remembering Daniel Kahneman
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Mar 30, 2024 
Nobel prize-winning behavioural economist Daniel Kahneman's influence on human decision-making, cognitive biases, and the dichotomy of experiencing pleasure or pain. Explore how memory shapes perceptions and the enduring impact of Kahneman's work on decision-making.
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Kahneman's Influence on Economics
- Daniel Kahneman, a psychologist, significantly impacted economics by studying human decision-making.
- His work explored judgment, happiness perception, and probabilities, earning him a Nobel Prize.
Two Thinking Systems
- Kahneman's most famous idea describes two thinking systems: one intuitive and fast, the other effortful and slow.
- Like optical illusions, these systems can lead to predictable mistakes in judgment, even when aware of them.
Julie's Degree
- Kahneman used the example of "Julie," a precocious reader at age four, to illustrate cognitive biases.
- People often overestimate her likelihood of achieving a PhD, neglecting statistical base rates.