Showing the ways in which the human mind errs, systematically, when forced to make judgments, Daniel Kahneman and Amos Tversky shed new light on how we make decisions. “People were endlessly complicated and interesting,” Kahneman recalled. Then he gave Danny some money and sent him on his way. The man didn’t notice the yellow star under his sweater instead, he hugged little Danny and, full of emotion, showed him a photograph of another young boy. Their ideas are everywhere it’s almost impossible to find a book in the “smart thinking” section of a bookshop that doesn’t cite Kahneman and Tversky: an irony since their work highlights many of the ways in which our thinking isn’t smart at all.įor example, they identified the “representativeness heuristic” - our tendency to make judgments by comparing an example to some mental model.Īs an example, in The Undoing Project: A Friendship that Changed the World, Michael Lewis introduces a seven-years-old Danny Kahneman, Paris-raised Jew whose family spending the war dodging the Nazis and their sympathisers, caught on the streets after curfew by an SS soldier. The Undoing Project: A Friendship that Changed the World by Michael Lewis shows the way the friendship between the two gifted young psychology professors Daniel Kahneman and Amos Tversky laid the foundations of what we now call behavioural economics.
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