Opinion Science
"...Ridiculous" Ep. 2: Importing Psychology
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.
39:37
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Quick takeaways
- Availability heuristic: People rely on vivid memories to make judgments, impacting decision-making.
- Anchoring effect: Initial information influences judgments, leading to biased estimations in decision-making.
Deep dives
Challenging Economic Theory
The podcast discusses how young social scientists challenged the basic assumptions of economic theory. Noticing departures from rationality, Richard Thaler and Herb Simon set the stage, highlighting systematic bias as a crucial factor. Collaborating with psychologists Amos Tversky and Daniel Kahneman, they delved into irrational decision-making patterns, leading to groundbreaking insights.
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