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Sunday, September 23, 2012

Think Politics - TED - Kahneman - Riddle: Experience vs Memory

If you are going to change minds you need to know how people think, especially yourself, and seriously how you are thinking.

I look at this wondering "why people act against their own interest", especially in this very partisan political time.   Another related post ...

Kahneman believes most of us do not understand the first thing about "how we think".   See link at end ...

#TED : Dan #Ariely - Our buggy moral code - explains #ENRON, #Politics

"Very difficult to think straight about well-being."
"Memory self is a story teller" vs "experience self"
 From his TED bio -
Daniel Kahneman is an eminence grise for the Freakonomics crowd. In the mid-1970s, with his collaborator Amos Tversky, he was among the first academics to pick apart exactly why we make "wrong" decisions. In their 1979 paper on prospect theory, Kahneman and Tversky examined a simple problem of economic risk. And rather than stating the optimal, rational answer, as an economist of the time might have, they quantified how most real people, consistently, make a less-rational choice. Their work treated economics not as a perfect or self-correcting machine, but as a system prey to quirks of human perception. The field of behavioral economics was born.

Daniel Kahneman on "Thinking, Fast and Slow" - To The Best of OurKnowledge 10/14/12 WPR NPR

...But Thaler didn’t contend that humans were randomly irrational. More importantly, he observed that people are predictably irrational (to borrow a term from the economist Dan Ariely). Some of Thaler’s most interesting work studied the predictably irrational effects of ownership, confidence, and a sense of fairness. ...
The Making of Richard Thaler’s Economics Nobel By John Cassidy October 10, 2017 New Yorker
... Thaler and Kahneman met in 1977, at Stanford University. Thaler, who had obtained his Ph.D. in 1974, was still finding his way as a researcher, while Kahneman and his fellow-psychologist Amos Tversky had already identified many of the systematic biases that they would become famous for. These included anchoring (the tendency to rely too heavily on initial information); confirmation bias (the tendency to interpret evidence as supporting preĆ«xisting beliefs); and loss aversion (feeling the pain of losing ten dollars more intensely than the joy of winning ten dollars). “We spent a lot of time walking the hills discussing things,” Kahneman recalled of Thaler. “He already knew a lot of things that didn’t fit in the orthodox economic framework. What he got from us was the theoretical framework to fit them into.” ...
and the "endowment effect".

#1% #elites 1% WI 1848 Forward:  Think #Politics - #TED - #Kahneman - Riddle: Experience vs Memory : #Dems #GOP #47%

WI 1848 Forward: Think #Politics - #TED - #Kahneman - Riddle: Experience vs Memory : Can you recognize a huckster?

Is #Trump predictably irrational. Recognize a huckster? WI 1848 Forward: #Politics - #Kahneman #Thaler #Ariely

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