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Thinking, Fast and Slow Paperback – April 2, 2013

4.6 4.6 out of 5 stars 43,448 ratings

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*Major New York Times Bestseller
*More than 2.6 million copies sold
*One of
The New York Times Book Review's ten best books of the year
*Selected by
The Wall Street Journal as one of the best nonfiction books of the year
*Presidential Medal of Freedom Recipient
*Daniel Kahneman's work with Amos Tversky is the subject of Michael Lewis's best-selling
The Undoing Project: A Friendship That Changed Our Minds

In his mega bestseller, Thinking, Fast and Slow, Daniel Kahneman, world-famous psychologist and winner of the Nobel Prize in Economics, takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think.

System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. The impact of overconfidence on corporate strategies, the difficulties of predicting what will make us happy in the future, the profound effect of cognitive biases on everything from playing the stock market to planning our next vacation―each of these can be understood only by knowing how the two systems shape our judgments and decisions.

Engaging the reader in a lively conversation about how we think, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives―and how we can use different techniques to guard against the mental glitches that often get us into trouble. Topping bestseller lists for almost ten years,
Thinking, Fast and Slow is a contemporary classic, an essential book that has changed the lives of millions of readers.

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From the Publisher

Praise for Thinking, Fast and Slow

Thinking Fast and Slow Daniel Kahneman

Thinking Fast and Slow Daniel Kahneman

Thinking Fast and Slow Daniel Kahneman

Editorial Reviews

Review

“It is an astonishingly rich book: lucid, profound, full of intellectual surprises and self-help value. It is consistently entertaining . . . So impressive is its vision of flawed human reason that the New York Times columnist David Brooks recently declared that Kahneman and Tversky's work ‘will be remembered hundreds of years from now,' and that it is ‘a crucial pivot point in the way we see ourselves.'”
Jim Holt, The New York Times Book Review

“There have been many good books on human rationality and irrationality, but only one masterpiece. That masterpiece is Daniel Kahneman's
Thinking, Fast and Slow . . . This is one of the greatest and most engaging collections of insights into the human mind I have read.”
William Easterly, Financial Times

“I will never think about thinking quite the same. [
Thinking, Fast and Slow] is a monumental achievement.”
Roger Lowenstein, Bloomberg/Businessweek

“Brilliant . . . It is impossible to exaggerate the importance of Daniel Kahneman's contribution to the understanding of the way we think and choose. He stands among the giants, a weaver of the threads of Charles Darwin, Adam Smith and Sigmund Freud. Arguably the most important psychologist in history, Kahneman has reshaped cognitive psychology, the analysis of rationality and reason, the understanding of risk and the study of happiness and well-being.”
Janice Gross Stein, The Globe and Mail

"Everyone should read
Thinking, Fast and Slow.”
Jesse Singal, Boston Globe

“[
Thinking, Fast and Slow] is wonderful. To anyone with the slightest interest in the workings of his own mind, it is so rich and fascinating that any summary would seem absurd.”
Michael Lewis, Vanity Fair

“Profound . . . As Copernicus removed the Earth from the centre of the universe and Darwin knocked humans off their biological perch, Mr. Kahneman has shown that we are not the paragons of reason we assume ourselves to be.”
The Economist

“[A] tour de force of psychological insight, research explication and compelling narrative that brings together in one volume the high points of Mr. Kahneman's notable contributions, over five decades, to the study of human judgment, decision-making and choice . . . Thanks to the elegance and force of his ideas, and the robustness of the evidence he offers for them, he has helped us to a new understanding of our divided minds―and our whole selves.”
Christoper F. Chabris, The Wall Street Journal

“A major intellectual event . . . The work of Kahneman and Tversky was a crucial pivot point in the way we see ourselves.”
David Brooks, The New York Times

“For anyone interested in economics, cognitive science, psychology, and, in short, human behavior, this is the book of the year. Before Malcolm Gladwell and
Freakonomics, there was Daniel Kahneman, who invented the field of behavior economics, won a Nobel . . . and now explains how we think and make choices. Here's an easy choice: read this.”
The Daily Beast

“Daniel Kahneman is one of the most original and interesting thinkers of our time. There may be no other person on the planet who better understands how and why we make the choices we make. In this absolutely amazing book, he shares a lifetime's worth of wisdom presented in a manner that is simple and engaging, but nonetheless stunningly profound. This book is a must read for anyone with a curious mind.”
Steven D. Levitt, William B. Ogden Distinguished Service Professor of Economics at the University of Chicago; co-author of Freakonomics and SuperFreakonomics

Thinking, Fast and Slow is a masterpiece―a brilliant and engaging intellectual saga by one of the greatest psychologists and deepest thinkers of our time. Kahneman should be parking a Pulitzer next to his Nobel Prize.”
Daniel Gilbert, Harvard University Professor of Psychology, author of Stumbling on Happiness, host of the award-winning PBS television series "This Emotional Life"

“This is a landmark book in social thought, in the same league as
The Wealth of Nations by Adam Smith and The Interpretation of Dreams by Sigmund Freud.
Nassim Taleb, author of The Black Swan

“Daniel Kahneman is among the most influential psychologists in history and certainly the most important psychologist alive today. He has a gift for uncovering remarkable features of the human mind, many of which have become textbook classics and part of the conventional wisdom. His work has reshaped social psychology, cognitive science, the study of reason and of happiness, and behavioral economics, a field that he and his collaborator Amos Tversky helped to launch. The appearance of
Thinking, Fast and Slow is a major event.”
Steven Pinker, Harvard College Professor of Psychology, Harvard University, and author of How the Mind Works and The Better Angels of our Nature

Product details

  • Publisher ‏ : ‎ Farrar, Straus and Giroux; First Edition (April 2, 2013)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 512 pages
  • ISBN-10 ‏ : ‎ 0374533555
  • ISBN-13 ‏ : ‎ 978-0374533557
  • Item Weight ‏ : ‎ 1.04 pounds
  • Dimensions ‏ : ‎ 5.51 x 1.46 x 8.23 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 43,448 ratings

About the author

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Daniel Kahneman
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Daniel Kahneman (Hebrew: דניאל כהנמן‎, born March 5, 1934) is an Israeli-American psychologist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences (shared with Vernon L. Smith). His empirical findings challenge the assumption of human rationality prevailing in modern economic theory. With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases (Kahneman & Tversky, 1973; Kahneman, Slovic & Tversky, 1982; Tversky & Kahneman, 1974), and developed prospect theory (Kahneman & Tversky, 1979).

In 2011, he was named by Foreign Policy magazine to its list of top global thinkers. In the same year, his book Thinking, Fast and Slow, which summarizes much of his research, was published and became a best seller. He is professor emeritus of psychology and public affairs at Princeton University's Woodrow Wilson School. Kahneman is a founding partner of TGG Group, a business and philanthropy consulting company. He is married to Royal Society Fellow Anne Treisman.

In 2015 The Economist listed him as the seventh most influential economist in the world.

Bio from Wikipedia, the free encyclopedia. Photo by see page for author [Public domain], via Wikimedia Commons.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
43,448 global ratings
Super Important Cognitive Science
5 Stars
Super Important Cognitive Science
The surprising limits of rationality in everyday thinking and how we might remedy some of these evolutionarily built-in brain bugs.How we routinely make everyday decisions on the basis of lazy, first-memory-that-jumps-to-mind instances (Availability heuristic), rather than rational assessment. And then use reason later if necessary to construct rational explanations for our decisions.The importance of, "what you see is all there is" (WYSIATI) as a concept in human psychology.Sunk costs.Loss aversion.Framing effects.Anchors.Priming.Cognitive illusions and fallacies.And all kinds of super important stuff.
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Top reviews from the United States

Reviewed in the United States on January 12, 2014
Thinking, Fast and Slow by Daniel Kahneman

“Thinking, Fast and Slow” is a fascinating look at how the mind works. Drawing on knowledge acquired from years of research in cognitive and social psychology, Nobel Prize Winner, Dr. Daniel Kahneman delivers his magnum opus on Behavioral Economics. This excellent book focuses on the three key sets of distinctions: between the automatic System 1 and the effortful System 2, between the conception of agents in classical economics and in behavioral economics, and between the experiencing and the remembering selves. This enlightening 512-page book is composed of thirty-eight chapters and broken out by the following five Parts: Part I. Two Systems, Part II. Heuristics and Biases, Part III. Overconfidence, Part IV. Choices, and Part V. Two Selves.

Positives:
1. Award-winning research. A masterpiece of behavioral economics knowledge. Overall accessible.
2. Fascinating topic in the hands of a master. How the mind works. The biases of intuition, judgment, and decision making.
3. Excellent format. Each chapter is well laid out and ends with a Speaking of section that summarizes the content via quotes.
4. A great job of defining and summarizing new terms. "In summary, most of what you (your System 2) think and do originates in your System 1, but System 2 takes over when things get difficult, and it normally has the last word."
5. Supports findings with countless research. Provides many accessible and practical examples that help readers understand the insightful conclusions.
6. A great job of letting us what we know and to what degree. "It is now a well-established proposition that both self-control and cognitive effort are forms of mental work."
7. You are guaranteed to learn something. Countless tidbits of knowledge throughout this insightful book and how it applies to the read world. "The best possible account of the data provides bad news: tired and hungry judges tend to fall back on the easier default position of denying requests for parole. Both fatigue and hunger probably play a role."
8. The differences of Systems 1 and 2 and how they function with one another. "System 1 is impulsive and intuitive; System 2 is capable of reasoning, and it is cautious, but at least for some people it is also lazy." "System 1 is gullible and biased to believe, System 2 is in charge of doubting and unbelieving, but System 2 is sometimes busy, and often lazy."
9. Important recurring concepts like WYSIATI (What You See Is All There IS). "You surely understand in principle that worthless information should not be treated differently from a complete lack of information, but WYSIATI makes it very difficult to apply that principle."
10. Understanding heuristics and biases. "The strong bias toward believing that small samples closely resemble the population from which they are drawn is also part of a larger story: we are prone to exaggerate the consistency and coherence of what we see. The exaggerated faith of researchers in what can be learned from a few observations is closely related to the halo effect, the sense we often get that we know and understand a person about whom we actually know very little. System 1 runs ahead of the facts in constructing a rich image on the basis of scraps of evidence. A machine for jumping to conclusions will act as if it believed in the law of small numbers. More generally, it will produce a representation of reality that makes too much sense."
11. Paradoxical results for your enjoyment. "People are less confident in a choice when they are asked to produce more arguments to support it."
12. Understanding how our brains work, "The world in our heads is not a precise replica of reality; our expectations about the frequency of events are distorted by the prevalence and emotional intensity of the messages to which we are exposed."
13. Wisdom. "'Risk' does not exist 'out there,' independent of our minds and culture, waiting to be measured. Human beings have invented the concept of “risk” to help them understand and cope with the dangers and uncertainties of life. Although these dangers are real, there is no such thing as 'real risk' or 'objective risk.'" Bonus. "To be useful, your beliefs should be constrained by the logic of probability."
14. You will learn lessons that are practical. "Rewards for improved performance work better than punishment of mistakes."
15. An interesting look at overconfidence. "Our comforting conviction that the world makes sense rests on a secure foundation: our almost unlimited ability to ignore our ignorance." "Remember this rule: intuition cannot be trusted in the absence of stable regularities in the environment."
16. Have you ever had to plan anything in your life? Meet the planning fallacy. "This may be considered the single most important piece of advice regarding how to increase accuracy in forecasting through improved methods. Using such distributional information from other ventures similar to that being forecasted is called taking an “outside view” and is the cure to the planning fallacy."
17. A very interesting look at Econs and Humans. "Economists adopted expected utility theory in a dual role: as a logic that prescribes how decisions should be made, and as a description of how Econs make choices."
18. Prospect theory explained. "The pain of losing $900 is more than 90% of the pain of losing $1,000. These two insights are the essence of prospect theory."
19. Avoiding poor psychology. "The conclusion is straightforward: the decision weights that people assign to outcomes are not identical to the probabilities of these outcomes, contrary to the expectation principle. Improbable outcomes are overweighted—this is the possibility effect. Outcomes that are almost certain are underweighted relative to actual certainty. The expectation principle, by which values are weighted by their probability, is poor psychology."
20. Great stuff on well being.
21. An excellent Conclusions chapter that ties the book up comprehensively.

Negatives:
1. Notes not linked up.
2. No formal separate bibliography.
3. Requires an investment of time. Thankfully, the book is worthy of your time.
4. The book overall is very well-written and accessible but some topics are challenging.
5. Wanted more clarification on how Bayes's rules work.

In summary, a masterpiece on behavioral economics. Dr. Kahneman shares his years of research and provides readers with an education on how the mind works. It requires an investment of your time but it so well worth it. A tremendous Kindle value don't hesitate to get this book. I highly recommend it!

Further suggestions: "Subliminal" by Leonard Mlodinow, "Incognito" by David Eagleman, "Switch" by Chip and Dan Heath, “Drive: The Surprising Truth about What Motivates Us” by Daniel H. Pink, “Blink” by Malcolm Gladwell, “The Power of Habit” by Charles Duhigg, “Quiet: The Power of Introverts in a World That Can't T Stop Talking” by Susan Cain, "The Social Animal" by David Brooks, "Who's In Charge" Michael S. Gazzaniga, "The Belief Instinct" by Jesse Bering, "50 Popular Beliefs that People Think Are True" by Guy P. Harrison, "The Believing Brain" by Michael Shermer, "Predictably Irrational" by Dan Ariely, "Are You Sure?" by Ginger Campbell, and "Mistakes Were Made But Not By Me" by Carol Tavris.
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Reviewed in the United States on June 15, 2020
Thoughtful, applicable, insightful, entertaining. I enjoyed dissecting the numerous thought experiments and studies for merit that I could apply to my everyday thinking.

System 1 and System 2 form the backbone of this book.

System 1 is impulsive, and provides heuristic and intuitive guesses and reactions to stimuli without prompting. It can't be turned off. Why You See Is All There Is (WYSIATI). But it's also responsible for remarkably well-tuned intuitions, fast information-processing, "muscle memory," pattern-matching, intensity matching, face & situation recognition, and much of what makes human minds human. Author Daniel Kahneman points out situations in which System 1 is scientifically poor, including statistics (like the difference between 0.01% and 0.001%), random events, weighting time & duration in retrospect.

System 2 is more calculated, requires devoted effort and concentration in rationalizing & making decisions. It assigns value to past events, keeps score, questions bias, and carries out more intensive, deliberate calculations involving more data. It's like fetching data from main memory, rather than relying on the cache.

Kahneman's prose is rich with examples and experimental case studies, from visceral phenomena like pleasure vs. pain tolerance, and the tendency to derive general from specific, rather than the specific from the general (statistic).... to logic fallacies like optimism in planning, misjudging statistics, underestimating sampling, and sunk costs. He gives simple, easy-to-remember names to a lot of the phenomena he observed in studies, like the peak-end rule that describes how humans tend to judge pain or pleasure of a past event based on an average of how it ended and the peak of the experience, neglecting duration. He also provides solutions and checks & balances that can help us reduce bias, where possible. For example, to mitigate the planning fallacy, he writes:

1.) Identify an appropriate reference class.
2.) Obtain the statistics of the reference class. Use the statistics to generate a baseline prediction.
3.) Use specific information about the case to adjust the baseline prediction, if there are particular reasons to expect the optimistic bias to be more of less pronounced in this project than in others of the same type.

The author's life experiences, from serving as an evaluator in the Israeli defense forces to publishing papers as a professor, inform many of the studies and give them a human element and interest to which I could easily relate. I also appreciate his emotion, adding exclamation points to the observations that surprised him, or proved him wrong. He writes in an unassuming, humble, curious way that made each anecdote or cited study a joy to read.

Finally, I thought he -- and his editors -- divided the book brilliantly. Chapters are short, usually 8~16 pages, and they always concentrate on some nugget or fallacy that could be later referenced by a single term, like "anchoring," "regression to the mean," "the fourfold pattern," or "the halo effect." He builds up knowledge brick by brick, experiment by experiment, that after a few nights of reading, you begin to recognize fallacies and patterns in everyday life by the terms Kahneman has assigned to them.

My favorite part of each chapter is the end: a short section of quotations that describe and use key terms from the chapter, in an everyday, relatable way.

There are too many topics and quotes to list them all. Some of my favorites:

"The best we can do is a compromise: learn to recognize situations in which mistakes are likely and try harder to avoid significant mistakes when the stakes are high. The premise of this book is that it is easier to recognize other people's mistakes than our own."

"Self-control requires attention and effort."

"His System 1 constructed a story, and his System 2 believed it. It happens to all of us."

"They didn't want more information that might spoil their story. WYSIATI."

"We often compute much more than we want or need. I call this excess computation the mental shotgun. It is impossible to aim at a single point with a shotgun because it shoots pellets that scatter, and it seems almost equally difficult for System 1 not to do more than System 2 charges it to do."

"Money-primed people become more independent than they would be without the associative trigger."

"He was asked whether he thought the company was financially sound, but he couldn't forget that he likes their product."

"Our aim in the negotiation is to get them anchored on this number."

"Let's make it clear that if that is their proposal, the negotiations are over. We do not want to start there."

"When the evidence is weak, one should stick with the base rates."

"They added a cheap gift to the expensive product, and made the whole deal less attractive. Less is more in this case."

"System 1 can deal with stories in which the elements are causally linked, but it is weak in statistical reasoning."

"The experiment shows that individuals feel relieved of responsibility when they know that others have heard the same request for help."

"We can't assume that they will really learn anything from mere statistics. Let's show them one or two representative individual cases to influence their System 1."

"But those with the most knowledge are often less reliable. The reason is that the person who acquires more knowledge develops an enhanced illusion of her skill and becomes unrealistically overconfident."

"The question is not whether these experts are well trained. It is whether their world is predictable."

"The research suggests a surprising conclusion: to maximize predictive accuracy, final decisions should be left to formulas, especially in low-validity environments."

"In this view, people often (but not always) take on risky projects because they are overly optimistic about the odds they face."

"A well-run organization will reward planners for precise execution and penalize them for failing to anticipate difficulties, and for failing to allow for difficulties that they could not have anticipated --the unknown unknowns."

"She is the victim of a planning fallacy. She's assuming a best-case scenario, but there are too many different ways for the plan to fail, and she cannot foresee them all."

"He weighs losses about twice as much as gains, which is normal."

"Think like a trader! You win a few, you lose a few."

"Decision makers tend to prefer the sure thing over the gamble (they are risk averse) when the outcomes are good. They tend to reject the sure thing and accept the gamble (they are risk seeking) when both outcomes are negative."

"We are hanging on to that stock just to avoid closing our mental account at a loss. It's the disposition effect."

"The salesperson showed me the most expensive car seat and said it was the safest, and I could not bring myself to buy the cheaper model. It felt like a taboo tradeoff."

"Did he really have an opportunity to learn? How quick and how clear was the feedback he received on his judgments?"

"We want pain to be brief and pleasure to last. But our memory, a function of System 1, has evolved to represent the most intense moment of an episode of pain or pleasure (the peak) and the feelings when the episode was at its end. A memory that neglects duration will not serve our preference for long pleasure and short pains."

There are many, many more. Read the book for yourself and enjoy the wisdom!
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Top reviews from other countries

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Michael Dupuis
5.0 out of 5 stars A classic book that developed the System 1 and System 2 understanding of thinking
Reviewed in Canada on April 16, 2024
A well acclaimed author and a well known book. Nothing more need be said.
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Jacquie
5.0 out of 5 stars Must read
Reviewed in Mexico on January 2, 2024
Libro súper recomendado ! Definitivamente tienes que leerlo!
KJ
5.0 out of 5 stars It makes you think.
Reviewed in the United Kingdom on April 20, 2024
A real thought provoking book. Well written developing some complex ideas but still a relatively easy. Very grateful a friend recommended it to me.
Benjamín Juárez González
5.0 out of 5 stars A must.
Reviewed in Spain on April 14, 2024
Great book. Everyone should read it.
Laude B.
5.0 out of 5 stars Best book
Reviewed in France on April 7, 2024
One of the best books i've read.
Good english level required though.
This book really changed the way i think
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