![]() ![]() Along the way they managed to turn upside down a 300 year old theory of economics propounded by Bernoulli and other rational theories devised by Econs, the sub species of the human species that specialize in Economics. What began as a work on intuitive statistics with Amos Tversky in 1969 led to almost 27 years of association studying biases, heuristics, errors and choices that affect our intuitive decisions. Kahneman aims to provide the appropriate vocabulary by which we can identify and understand errors of judgment and choice. Intuition, that hidden faculty which has received both empirical and mystical attention, is what this book is all about, rather about its biases. In case you're wondering who these characters are, let me introduce you to Kahneman's two protagonists, who like any other protagonists are a reasonable mix of good and bad, flaws and perfection. ![]() ![]() I can't really rely much on System 2 because according to Kahneman, it is reliable but lazy, preferring to surrender to the mighty System 1 as it's easier that way. But that would be my System 1 talking, the one that is automatic, quick on the draw and happy to jump to conclusions. Of course, it could just be a delusion, that someone of the stature of Daniel Kahneman even needs to have his book reviewed. And if the particular laureate is a psychologist, it complicates matters further. ![]() Reviewing the book of a Nobel Laureate in Economics is no easy task. ![]()
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