System 1 & System 2: Why Do We Make Irrational Decisions (Cognitive Biases In A Nutshell)

In his bestselling book “ Thinking: Fast and Slow ” the renowned psychologist and winner of the Nobel Prize in Economics Daniel Kahneman explains that we apprehend the world employing two fundamentally different modes of thought: System 1 and System 2. System 1 is fast, automatic and involuntary. It is an unconscious process that we are not in control of. System 2, on the other hand, is the deliberate, logical part of our minds. It is an expert at solving problems but it is slow and requires a lot of energy. Usually System 1 runs automatically and System 2 is in a comfortable low-effort mode in the background. The problem comes when we allow our fast, intuitive system to make decisions that we really should pass over to our slow, logical system.

In our new series “ Cognitive biases in a nutshell ” we are going to explore different systematic errors ( cognitive biases ) that we all make in our everyday life without realizing it. If you want to be aware of your own biases and improve your judgments and decisions, stay tuned.

Watch our video on the Anchoring Bias here:
https://www.youtube.com/watch?v=5k6U4roEnbE

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In this video:
1. How rational are we really? 0:00
2. Cognitive biases in a nutshell – our new series 0:55
3. Daniel Kahneman: System 1 and System 2 thinking 1:14
4. Useful fictions 1:44
5. System 1 – our intuitive, fast and automatic thinking 2:49
6. System 2 – the deliberate, logical part of your mind 4:07
7. So where do all those biases emerge from? 4:54

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Research and script: Irina Georgieva
Art, editing and narration: Daniel Stamenov

Music:
Acoustic/Folk Instrumental by Hyde - Free Instrumentals https://soundcloud.com/davidhydemusic
Creative Commons — Attribution 3.0 Unported— CC BY 3.0
http://creativecommons.org/licenses/b...
Music provided by Audio Library https://youtu.be/YKdXVnaHfo8

Further reading:

[1] Thinking: Fast and Slow by Daniel Kahneman
https://www.ttu.ee/public/m/mart-murdvee/EconPsy/4/Kahneman_2011_Thinking_Fast_and_Slow.pdf
[2] A machine for jumping to conclusions, Daniel Kahneman interviewed
http://www.apa.org/monitor/2012/02/conclusions.aspx
[3] In two minds: dual-process accounts of reasoning, Jonathan St. B.T. Evans
http://faculty.weber.edu/eamsel/Classes/Methods%20(3610)/Old%20Sections/Fall%202010/Fall%202010%20Project/Evans%20(2003).pdf

Видео System 1 & System 2: Why Do We Make Irrational Decisions (Cognitive Biases In A Nutshell) канала LUSCID [your user-friendly guide to Science]