Summary of Thinking, Fast and Slow by Kahneman - 1st edition
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When do preference reversals occur? - Chapter 33
Consider the following task. “A woman lost the use of her left leg as a result of a stabbing. She was stabbed during a robbery in a grocery store in her neighborhood. There are two grocery stores near the woman’s home, one of which she is a regular customer. Two scenario’s:
A. The robbery happened in the woman’s regular grocery store.
B. The woman’s regular grocery store was closed, so she went to the other grocery store, where she was stabbed. Should the grocery store in which the victim was stabbed make a difference to her compensation?
Your judgment was made in a joint evaluation. Both scenarios were considered and compared at the same time. We would all agree that the compensation should be the same in both scenarios. The location is not a relevant factor to victim compensation. This evaluation involved System 2 (thinking slow).
In an experiment, participants saw only one scenario and were asked to assign it a dollar value (single evaluation). The victim was awarded a much greater compensation if she was stabbed in the store she usually does not visit. Poignancy, related to regret, is a counterfactual feeling: “if only she had shopped at her regular grocery store”. The mechanism of intensity matching and substitution (System 1) translate the strength of the emotional response to the case into a monetary value. This explains the big difference in sums.
Comparing these experiments demonstrates a distinct contrast. People who see the scenarios together (within-subject) endorse the principle that poignancy is not a legitimate consideration. The principle is relevant only when both scenarios are shown together, and this usually is not the case in daily life. Life is usually experienced in the between-subjects mode. The lack of contrasting alternatives that could change your mind and WYSIATI result into the fact that your (moral) beliefs do not necessarily govern your emotional responses. The discrepancy between joint and single evaluation of the stabbing scenario is part of a broad category of reversals of choice and judgment (preference reversals).
Preference reversals occur because joint evaluation focuses attention on a specific aspect of the case, which was less salient in single evaluation. Single evaluation is mostly determined by the emotional responses of System 1. Joint evaluation involves a effortful and more careful assessment (System 2).
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Summary of Thinking, Fast and Slow by Kahneman - 1st edition
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Summary of Thinking, Fast and Slow by Kahneman - 1st edition
- What is the book 'Thinking, fast and slow' by Kahneman about?
- What distinguishes fast and slow thinking? - Chapter 1
- How do fast and slow thinking deal with effortful tasks? - Chapter 2
- How does the 'lazy control' of slow thinking work? - Chapter 3
- How does the 'associative machinery' of fast thinking work? - Chapter 4
- When is your mind at ease? - Chapter 5
- How does your mind deal with surprises? - Chapter 6
- Why do people so often jump to conclusions? - Chapter 7
- How are your judgments formed? – Chapter 8
- How do you generate an intuitive opinion on a complex problem? – Chapter 9
- When should researchers be more suspicious of their statistical intuitions? – Chapter 10
- How do unknown quantities enhance bias in your mind? – Chapter 11
- How do unknown frequencies enhance bias in your mind? – Chapter 12
- How do risk and availability enhance bias in your mind? - Chapter 13
- How do you prevent false intuitive judgement? - Chapter 14
- How is fallacy formed in you mind? - Chapter 15
- How does causally connected storytelling enhance bias in you mind? - Chapter 16
- How does causal interpretation enhance bias in you mind? - Chapter 17
- How can you tame and correct your intuitive predictions? - Chapter 18
- Why is every success story you read or hear often wrong? - Chapter 19
- How does the illusion of validity make you overconfident in your ability to predict the future? - Chapter 20
- How can you use statistics to correct intuitions? - Chapter 21
- When do your judgments reflect true expertise? – Chapter 22
- What is the importance of the 'outside view' versus the 'inside view' for your judgements? – Chapter 23
- What is the best remedy for overconfident optimism? – Chapter 24
- How does your valuing relate with actual value? – Chapter 25
- Why is 'Prospect theory' better than 'Utility theory' in understanding the evaluation of financial outcomes? – Chapter 26
- Why is 'Prospect theory' better than 'Utility theory' in understanding the endowment effect of valuing valuables? – Chapter 27
- How is your decision-making affected by avoiding a loss and achieving a gain? – Chapter 28
- How is your decision-making affected by the value you attribute to losses, gains and wealth? – Chapter 29
- How is your decision-making affected by rare events? – Chapter 30
- How can you remedy the exaggerated caution evoked by loss aversion and the exaggerated optimism of the planning fallacy? – Chapter 31
- How do you keep mental account of gains, losses and regret? – Chapter 32
- When do preference reversals occur? - Chapter 33
- How is your decision-making affected by words that induce emotion? - Chapter 34
- How can our memory affect our judgments of experiences? - Chapter 35
- How does our memory affect our choices? - Chapter 36
- What does research about experienced well-being learn us? – Chapter 37
- How does your thinking affect your experience of happiness? – Chapter 38
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Summary of Thinking, Fast and Slow by Kahneman - 1st edition
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- What is the book about?
- Part 1: How do fast thinking and slow thinking work? Chapters 1-9
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