Reaction Paper on Decision Making Text Bok
Reaction Paper
Thinking, Fast and Slow 2011 a book by Daniel Kahneman
Submitted in partial fulfillment of the requirements
For Master of Business Administration Degree
Judgment in Managerial Decision Thinking
The secrets of the human brain: the two mechanisms that control our lives
Thinking, Fast and Slow is a 2011 book by Nobel Memorial Prize winner in Economics Daniel Kahneman which summarizes research that he conducted over decades, often in collaboration with Amos Tversky. It covers all three phases of his career: his early days working on cognitive bias, his work on prospect theory, and his later work on happiness.
The book's central thesis is a dichotomy between two modes of thought: System 1 is fast, instinctive and emotional; System 2 is slower, more deliberative, and more logical. The book delineates cognitive biases associated with each type of thinking, starting with Kahneman's own research on loss aversion. From framing choices to substitution, the book highlights several decades of academic research to suggest that we place too much confidence in human judgment
Psychologist Daniel Kahneman, one of the best known experts in cognition and pioneer of behavioral economics, studied for over four decades, decision-making mechanisms of the human brain and identified numerous cognitive errors that influence our decisions without us realizing it. In 2002, Kahneman was awarded the Nobel Prize for Economics for his work which has shown that man is not a "rational actor", as claimed many economists, but one subject to numerous pitfalls of intuition. Kahneman's Nobel was awarded a first, as for the first time the top prize for economics was awarded to a specialist in another field (in this case, psychology).
Kahneman argues that human thinking is controlled by two systems: System 1, which he called "fast thinking" (quick thinking) is unconscious, intuitive and requires no voluntary effort or control the system in February, called "slow thinking"
Thinking, Fast and Slow 2011 a book by Daniel Kahneman
Submitted in partial fulfillment of the requirements
For Master of Business Administration Degree
Judgment in Managerial Decision Thinking
The secrets of the human brain: the two mechanisms that control our lives
Thinking, Fast and Slow is a 2011 book by Nobel Memorial Prize winner in Economics Daniel Kahneman which summarizes research that he conducted over decades, often in collaboration with Amos Tversky. It covers all three phases of his career: his early days working on cognitive bias, his work on prospect theory, and his later work on happiness.
The book's central thesis is a dichotomy between two modes of thought: System 1 is fast, instinctive and emotional; System 2 is slower, more deliberative, and more logical. The book delineates cognitive biases associated with each type of thinking, starting with Kahneman's own research on loss aversion. From framing choices to substitution, the book highlights several decades of academic research to suggest that we place too much confidence in human judgment
Psychologist Daniel Kahneman, one of the best known experts in cognition and pioneer of behavioral economics, studied for over four decades, decision-making mechanisms of the human brain and identified numerous cognitive errors that influence our decisions without us realizing it. In 2002, Kahneman was awarded the Nobel Prize for Economics for his work which has shown that man is not a "rational actor", as claimed many economists, but one subject to numerous pitfalls of intuition. Kahneman's Nobel was awarded a first, as for the first time the top prize for economics was awarded to a specialist in another field (in this case, psychology).
Kahneman argues that human thinking is controlled by two systems: System 1, which he called "fast thinking" (quick thinking) is unconscious, intuitive and requires no voluntary effort or control the system in February, called "slow thinking"