Tags » Heuristics

We should try to avoid jumping to conclusions

The Irrationality of Irrationality: The Paradox of Popular Psychology

In 1996, Lyle Brenner, Derek Koehler and Amos Tversky conducted a study involving students from San Jose State University and Stanford University. 166 more words

Behavioral Economics

Nassim Nicholas Taleb - Fooled by Randomness. And Selection Biases!

In “Fooled by Randomness”, Nassim Nicholas Taleb debunks the myth that “experts” truly consider all rational probabilities before making choices. “Experts”, like most of us, are prone to non-probabilistic/ irrational thinking (driven by emotions) and inclined to taking quick and dirty “mental shortcuts”. 334 more words

Thought Leadership

Fears of manipulation oversell behavioral finance’s capabilities

Manipulated: The rise of behavioral finance

It’s hard to find a place today where concepts of behavioral finance aren’t being applied to real-world situations. From London to Washington to Sydney, governments are experimenting with the psychology of decision-making and trying to “nudge” citizens toward better behaviors, whether that means saving more for retirement or signing an organ donation card. 59 more words

Behavioral Economics

135 Journals Book Club: Thinking, Fast and Slow by Daniel Kahneman

http://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman-ebook/dp/B00555X8OA/ref=sr_1_1?ie=UTF8&qid=1397358503&sr=8-1&keywords=Thinking+Fast+and+SlowThinking, Fast and Slow

Nobel Prize winner Daniel Kahneman starts his best selling economics/psychology tome with an intriguing idea: that people’s brains have two modes of operation: 585 more words

Q & A

Wouldn’t it be nice to find the grand unified theory to everything?  The one answer that pulls everything together and, once it’s discovered, changes everything that follows?  268 more words


Daniel Kahneman & Amos Tversky - The Quick and Dirty

Excerpt from “Fooled by Randomness” – Nassim Nicholas Taleb (Author of “The Black Swan”)

Kahneman and Tversky went in completely different direction than Simon (Herbert A. 120 more words

Thought Leadership

Amos Tversky - The Winter Soldier

Excerpt from “The Mind of the Market” – Michael Shermer

The field, behavioral economics, was pioneered by a couple of psychologists, Daniel Kahneman and Amos Tversky, neither of whom took a single course in economics but whose personal experiences in war and scientific training in how the mind works have led to one of the most fruitful collaborations in the history of social science. 138 more words

Thought Leadership