Opinion Science "...Ridiculous" Ep. 2: Importing Psychology
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Feb 26, 2024 
Exploring the groundbreaking research of psychologists Daniel Kahneman and Amos Tversky on decision-making, Behavioral Economics, availability heuristic, heuristic biases, Prospect Theory, and the collaboration between psychology and economics in challenging traditional economic theories.
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Systematic Bias
- People stray from pure rationality in predictable ways.
- Systematic biases reveal how people are consistently irrational, not just randomly so.
Availability Heuristic Example
- People incorrectly judge homicide as more common than stomach cancer due to its prominence in media.
- This demonstrates the availability heuristic, where easily recalled events are perceived as more frequent.
Anchoring Heuristic Example
- Arbitrary anchors significantly influence numerical estimations.
- People insufficiently adjust from initial values, leading to biased guesses, as shown in the "babies born" experiment.