POPULARITY
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3161: Chris Reining unpacks the psychological and strategic considerations behind investing a large lump sum, emphasizing the risks of loss aversion and market timing. By advocating for a slower, more measured investment strategy aligned with your savings rate, he provides a practical framework to protect against emotional decision-making and reduce risk while still building long-term wealth. Read along with the original article(s) here: https://chrisreining.com/how-should-i-invest-a-lump-sum/ Quotes to ponder: "We like gains, but we hate losses even more." "To protect you from yourself by easing smaller amounts of money into the market over longer periods of time it gives new investors more time to get comfortable with investing." "By investing a static amount each month, you average everything out." Episode references: The Power of Loss Aversion - Daniel Kahneman and Amos Tversky: https://en.wikipedia.org/wiki/Loss_aversion Learn more about your ad choices. Visit megaphone.fm/adchoices
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3161: Chris Reining unpacks the psychological and strategic considerations behind investing a large lump sum, emphasizing the risks of loss aversion and market timing. By advocating for a slower, more measured investment strategy aligned with your savings rate, he provides a practical framework to protect against emotional decision-making and reduce risk while still building long-term wealth. Read along with the original article(s) here: https://chrisreining.com/how-should-i-invest-a-lump-sum/ Quotes to ponder: "We like gains, but we hate losses even more." "To protect you from yourself by easing smaller amounts of money into the market over longer periods of time it gives new investors more time to get comfortable with investing." "By investing a static amount each month, you average everything out." Episode references: The Power of Loss Aversion - Daniel Kahneman and Amos Tversky: https://en.wikipedia.org/wiki/Loss_aversion Learn more about your ad choices. Visit megaphone.fm/adchoices
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3161: Chris Reining unpacks the psychological and strategic considerations behind investing a large lump sum, emphasizing the risks of loss aversion and market timing. By advocating for a slower, more measured investment strategy aligned with your savings rate, he provides a practical framework to protect against emotional decision-making and reduce risk while still building long-term wealth. Read along with the original article(s) here: https://chrisreining.com/how-should-i-invest-a-lump-sum/ Quotes to ponder: "We like gains, but we hate losses even more." "To protect you from yourself by easing smaller amounts of money into the market over longer periods of time it gives new investors more time to get comfortable with investing." "By investing a static amount each month, you average everything out." Episode references: The Power of Loss Aversion - Daniel Kahneman and Amos Tversky: https://en.wikipedia.org/wiki/Loss_aversion Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Nurturing Financial Freedom, we shift focus from the hard numbers and take a deep dive into the psychological side of investing. Specifically, we explore loss aversion—the human tendency to feel the pain of financial loss more intensely than the pleasure of gains. As we've all seen in our work and our own portfolios, emotional reactions to market swings can often lead to irrational decisions. That's where understanding behavioral finance becomes a powerful tool in making smarter financial choices.We start with Ed breaking down the origins of loss aversion, rooted in the research of Kahneman and Tversky. Their work in the 1970s, which led to the development of prospect theory, shows that the average person perceives a $100,000 loss as twice as painful as a $100,000 gain is pleasurable. This cognitive imbalance causes two major pitfalls: people either avoid risk entirely and park money in cash—letting inflation erode value—or they panic-sell during downturns and miss out on rebounds, effectively locking in their losses.Ed walks us through real examples, including the volatility of April 2024, the pandemic crash of 2020, and the 2008 recession. He explains how our amygdala, hardwired to detect threats, doesn't differentiate between a market dip and a life-or-death situation, making our emotional reactions feel justified—even when they're counterproductive.Alex builds on this by offering techniques to manage this psychological bias. First, we need to build a financial plan with a properly diversified portfolio aligned to our specific timeline and goals. He emphasizes reframing our perspective—looking at a portfolio not as a cash balance but as ownership in companies that will likely be around for decades. He shares the analogy of home values: we don't sell our house when its Zestimate dips; likewise, we shouldn't rush to sell stocks when they temporarily fall.Other actionable strategies include pre-committing to actions like rebalancing during downturns, increasing contributions when prices are low, and resisting the urge to act impulsively. He underscores the power of long-term thinking—"expand the graph"—to see that every crash looks like a blip over decades. And finally, he recommends examining past mistakes. Nothing hits home more than seeing the dollars lost from a past panic sale.We close by reaffirming that while we can't guarantee outcomes, we can plan for volatility. The market is emotional in the short term but logical in the long term. With the right mindset and tools, we can better navigate the emotional terrain of investing and avoid letting fear dictate our strategy.Books Mentioned:Thinking Fast and Slow: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555The Undoing Project: A Friendship That Changed Our Minds: https://www.amazon.com/Undoing-Project-Friendship-Changed-Minds/dp/0393354776 You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, and Jon Gay and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise. Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne PA 19087 and can be reached at 484-395-2190. Any rating is not intended to be an endorsement, or any way indicative of the advisors' abilities to provide investment advice or management. This podcast is intended for informational purposes only.Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users or members.
This is a big week for us, since we officially re-launched the newsletter on our gorgeous new web address Riskgaming.com, which we are now hosting on Substack. You'll find all of our archives there, as well as much easier tools to manage your subscription to our Dispatches, Event Announcements, our edited Interviews and after almost a decade, Lux Recommends.We've had thousands of new people subscribe and follow us over the past two years, and so I figured this re-launch week was also an opportune time to recirculate one of my absolute favorite episodes of the podcast from three years ago in May 2022. Daniel Kahneman, alongside his long-time research partner Amos Tversky, pioneered the field now broadly known as decision science, exploring the economics, incentives, tradeoffs and psychologies of humans making judgments in moments of uncertainty. Tversky would pass away in 1996, and Kahneman would win the 2002 Nobel Prize in Economics for much of the work they partnered together on.In the months after our recording, Kahneman made an extraordinary decision under uncertainty of his own. Concerned about his future risk for dementia, he decided to travel to Switzerland at the age of 90 to pass away through assisted suicide. It was an astonishing final decision by the master of decision-making, and he conducted his final act in secrecy before it was revealed in The Wall Street Journal in a column by Jason Zweig last month.I had the opportunity to host Kahneman alongside World Series of Poker champion Annie Duke, legendary investment strategist Michael Maubaussin of Morgan Stanley's Counterpoint Global and our own founding managing partner Josh Wolfe for a lunch debate on the current research and trends underpinning risk, bias and decision-making. We merged our four part original series down to two parts. This week, we cover the ideas of pre-mortem as well as dissonance reduction and what circumstances lead people to changing their minds at all.
In 1974, two psychologists, Daniel Kahneman and Amos Tversky, as the New Yorker once put it, "changed the way we think about the way we think." The prevailing wisdom, before their landmark research went viral (in the way things went viral in the 1970s), was that human beings were, for the most part, rational optimizers always making the kinds of judgments and decisions that best maximized the potential of the outcomes under their control. This was especially true in economics at the time. The story of how they generated a paradigm shift so powerful that it reached far outside economics and psychology to change the way all of us see ourselves is a fascinating tale, one that required the invention of something this episode is all about: The Psychology of Single Questions.They Thought We Were RidiculousOpinion ScienceBehavioral GroovesHow Minds ChangeShow NotesNewsletterPatreon
Nueva sesión del club del libro, con una obra que no necesita presentación, múltiples veces referenciada en las sesiones anteriores sin importar que se hablase de póker, tenis, inversión, felicidad, o la agencia de inteligencia canadiense. “Pensar rápido, pensar despacio” del premio Nobel Daniel Kahneman que tristemente nos ha abandonado hace muy poco. En ésta obra el autor profundiza en el razonamiento humano ayudándose de las lecciones obtenidas a través de múltiples estudios llevados a cabo en su mayoría junto a su colega y colaborador Amos Tversky. Más información en https://foro.masdividendos.com/t/club-del-libro-d-xiv-thinking-fast-and-slow-de-daniel-kahneman/
Chapter 1:Summary of Priceless"Priceless: The Myth of Fair Value (and How to Take Advantage of It)" is a non-fiction book by William Poundstone, which delves into the concept of pricing and the psychology behind how people determine the value of goods and services. The book explores the historical and psychological basis for pricing strategies, focusing on how both consumers and businesses perceive value.Poundstone discusses various experiments and theories from behavioral economics, illustrating how people often make irrational financial choices that do not align with traditional economic models of rational decision-making. Central to the book is the idea that the perceived value can be easily manipulated through marketing techniques, anchoring, the presentation of choices, and other tactics.The book covers case studies and stories, revealing the hidden influences behind seemingly straightforward pricing decisions. It discusses luxury goods, auctions, menu prices, and supermarket pricing, among others, highlighting how businesses use the psychology of pricing to maximize profits."Priceless" is significant for both consumers looking to understand the tricks and manipulations in everyday pricing and for marketers and business professionals aiming to master the art of pricing for competitive advantage.Chapter 2:The Theme of Priceless"Priceless: The Myth of Fair Value (and How to Take Advantage of It)" by William Poundstone explores the concept of value from a psychological perspective, particularly focusing on how people determine the worth of goods and services. The book not only delves into economic theory but also integrates insights from psychology to explain how and why pricing strategies can manipulate consumer perception.Here are some key points regarding plot development, character insights, and thematic ideas drawn from the book:Key Plot Points:1. The Concept of Value: The book opens by challenging traditional notions of value, introducing the reader to behavioral economics and the psychology of decision-making.2. Historical Perspectives: Poundstone discusses the history of economic thought on value, examining figures like Daniel Kahneman and Amos Tversky, who were pivotal in integrating psychological insights into economic theory.3. Experiments and Case Studies: Various experiments and real-world case studies are presented throughout the book to illustrate how people often rely on irrational ways of assessing value.4. Market Implications: The book looks at how businesses and marketers use these cognitive biases to their advantage, strategically setting prices that consumers perceive as fair or beneficial.Character Development:While "Priceless" isn't a narrative with characters in the traditional literary sense, Poundstone introduces a range of real individuals—economists, psychologists, marketers—who have contributed significantly to our understanding of value. Through their stories and work, readers gain a deeper understanding of how human behavior regarding valuation is studied and influenced.Thematic Ideas:1. Subjectivity of Value: One of the central themes is the inherent subjectivity in how individuals assess value, influenced significantly by external cues rather than intrinsic worth.2. Irrationality in Economics: The book critically examines the assumption in classical economics that humans are rational actors, showing through various examples how people often make irrational value assessments.3. Influence of Anchoring: The concept of "anchoring," where initial exposure to a number shapes expectations and perceptions of price, is a recurring theme, showing how it can be manipulated in marketing and negotiations.4. The Power of Free: Poundstone also discusses the disproportionate value people place on items and services labeled as "free,"...
Think fast! But ideally don't. In this podcast, Nick, Peter, and Fraser discuss Daniel Kahneman, the Nobel-prize-winning psychologist whose scholarship challenged economists' presumed rationality of human decision-making. From coining the term 'cognitive bias' and the development of prospect theory with Amos Tversky in 1979 to articulating the frequent errors which affect our decision-making heuristics, they reflect on his lasting contributions to economic science. A few things we mentioned in this podcast: - Daniel Kahneman, Nobel laureate who upended economics https://www.washingtonpost.com/obituaries/2024/03/27/daniel-kahneman-dead/ - Dual Process Theory https://en.wikipedia.org/wiki/Dual_process_theory - Living, and thinking about it: Two perspectives on life https://kahneman.scholar.princeton.edu/sites/g/files/toruqf3831/files/kahneman/files/living_dk_jr_2005.pdf - Peak-end Rule https://en.wikipedia.org/wiki/Peak%E2%80%93end_rule For more information on Aleph Insights visit our website https://alephinsights.com or to get in touch about our podcast email podcast@alephinsights.com Image: Andreas Weigand via Flickr
Inspired by a quote from psychologist Amos Tversky, I wanted to dive into the detrimental effects of over-scheduling and the importance of allowing ourselves time to wander and be creative. Cognitive scientist Scott Barry Kaufman's research finds that 72% of our best ideas often come to us in the shower. Why is that? And what other places could we generate that level of creativity and space to think about the important aspects of our lives? As we transition into the summer months, embrace the art of wasting time and make room for true efficiency by intentionally leaving gaps in our schedules. Remember, all who wander are not lost! Connect with Paul Contact Paul here or schedule a time to meet with Paul here. For resources discussed in this episode, visit tammacapital.com/podcast. Follow Paul on LinkedIn, Instagram, and Facebook. And feel free to email Paul at pfenner@tammacapital.com with any feedback, questions, or ideas for future guests and topics.
Bienvenue dans un nouvel épisode du Book Club ! Vous le savez, tous les mois, je pars à la recherche d'un livre à vous recommander. Et aujourd'hui, je vous ai trouvé une pépite. J'ai d'abord hésité à vous proposer ce livre parce que c'est un énorme pavé (il faut se le dire !) mais c'est un pavé absolument génial.Laissez-moi vous expliquer pourquoi.Le livre que j'ai choisi pour ce mois de juin 2024 est celui du psychologue américain, Daniel Kahneman, qui en français s'appelle : Système 1, système 2 : Les deux vitesses de la pensée et en anglais s'intitule Thinking fast and slow.Ce fameux Daniel Kahneman, qui est-il ?Il a gagné un prix Nobel d'économie et vous allez me dire, “c'est bizarre, c'est un psychologue et il gagne un prix Nobel d'économie ?”. Effectivement, il a travaillé pendant des années sur la psychologie et notamment la psychologie comportementale. Il s'est rendu compte qu'on avait énormément de biais cognitifs dont nous ne sommes pas conscients et qui vont influer considérablement nos décisions et notamment nos décisions économiques, en matière d'achat par exemple.Il a donc beaucoup travaillé sur ce sujet et a contribué à créer avec Amos Tversky, l'économie comportementale, ce qu'on appelle en anglais “behavioural economics”, qui est issue, en fait, de la psychologie. C'est vraiment un courant de pensée de psychologie qui est devenu applicable en économie, mais aussi dans la vie quotidienne et c'est ça qui est très intéressant dans ce livre ! Bref, ce livre est absolument passionnant : vous allez apprendre à reconnaître vos propres biais cognitifs, à maîtriser votre cerveau et faire les bons choix dans votre vie de tous les jours. N'hésitez pas à me partager vos ressentis sur les réseaux sociaux sur Instagram ou LinkedIn, je serais ravie d'échanger avec vous sur ce sujet ! Bonne lecture :) Notes et références du Book-ClubPour retrouver le livre : Système 1 / Système 2 : Les deux vitesses de la pensée de Daniel Kahneman(lien affilié Fnac)1. Faites vous coacher par moi !DEMIAN, un concentré de 10 ans d'expérience d'entrepreneur. Les formations DEMIAN vous apportent des outils et méthodes concrètes pour développer votre projet professionnel. Il s'agit d'un concentré maximal de valeur et d'expérience pour qu'en quelques heures vous gagniez l'équivalent d'années de travail. Découvrez DEMIAN !2. La NewsLa News du vendredi est une mini newsletter pour vous nourrir en plus du podcast. C'est une newsletter très courte, à lire en 5mn top chrono de ce qui m'a marqué dans les dernières semaines : livres à lire, réflexions, applis à télécharger, citations, films ou documentaires à voir etc. Pour la recevoir, il n'y a qu'à s'abonner à la newsletter sur mon site !3. Des conseils concrets sur ma chaîne YouTubeEnvie de lancer votre propre podcast ? De bénéficier de conseils sur quel matériel utiliser ? Ma nouvelle chaîne YouTube est faite pour vous !4.Contactez-moi ! Si le podcast vous plaît, le meilleur moyen de me le dire, ou de me faire vos feed-backs (et ce qui m'aide le plus à le faire connaître) c'est simplement de laisser un avis 5 étoiles ou un commentaire sur l'application iTunes. Ça m'aide vraiment, alors n'hésitez pas :)Pour me poser des questions ou suivre mes tribulations c'est par ici :Sur Instagram @paulinelaigneauSur LinkedIn @pauline LaigneauSur YouTube Pauline LaigneauVous pouvez consulter notre politique de confidentialité sur https://art19.com/privacy ainsi que la notice de confidentialité de la Californie sur https://art19.com/privacy#do-not-sell-my-info.
Join Kasia & Peter as they explore the profound impact of Daniel Kahneman, the Israeli-American psychologist, and author who revolutionised our understanding of human decision-making. Awarded the 2002 Nobel Memorial Prize in Economic Sciences, Kahneman's groundbreaking work, alongside Amos Tversky, unveiled the cognitive biases and heuristics that shape our judgments. Kasia & Peter delve into his influential theories, including prospect theory, ask Daniel how he finds objective meaning, and discuss the importance of collaboration.This is Kahneman's last public interview before his death on March 27, 2024.Keep up to date with Peter!Website: www.petersinger.infoSubstack: https://boldreasoningwithpetersinger.substack.com/YouTube: www.youtube.com/@peter_singerKeep up to date with Kasia!https://www.facebook.com/katarzyna.delazariradek Special Thanks to Suzi Jamil!Executive Producer: Rachel Barrett Hosted on Acast. See acast.com/privacy for more information.
The Bright Method Podcast: Realistic Time Management for Working Women
American culture is fixated on DOING – and those of us in it struggle to stop the doing to plan and prioritize. This quote caught my attention on that front: “You waste years by not being able to waste hours." The quote is by Amos Tversky and doesn't relate to planning, but it made me think that we do risk wasting weeks, months, and years by not planning and prioritizing where we want to go. Busyness without direction doesn't always get us where we want to go. Let's discuss – and walk through what this means from a practical perspective. Other episodes referenced: Prioritization - Ep. 4 - "How to prioritize in a way that actually works" Weekly planning session - Ep. 8 - "Your new weekly planning session" Annual planning/Thinking Time - Ep. 33 - "Long-term planning: How to feel like YOU & create long-term plans" A full transcript of this episode is available on my website about two weeks after the episode is published. To find it, click here and then select the episode. -- To learn more about and sign up for the Bright Method 8-week program, click here: https://kellynolan.com/the-bright-method-time-management-course-with-kelly-nolan.
Phần cuối của series review 2 cuốn sách Thinking Fast and Slow của Daniel Kahneman và Amos Tversky, và cuốn The Undoing Project của Michael Lewis. Tập này xoay quanh 2 chương cuối của cuốn sách, đặc biệt là lý thuyết Prospect - lý thuyết đã mang lại cho Daniel Kahneman giải Nobel Kinh Tế vào năm 2002. Một tập rất nhiều câu đố, rất là nhức đầu. Hy vọng các bạn sẽ thích! 00:00 Bernoulli's Errors 03:14 Prospect Theory 09:37 The Endowment Effect 11:16 Bad Events 12:29 Rare Events 16:45 Sunk Cost Fallacy 20:12 Regrets 22:47 Framing 29:01 Two Selves 36:15 Cảm nhận cá nhân mình về 2 cuốn sách Contact với mình tại: YouTube | Facebook | Instagram | Website | Email Để đầu tư tốt hơn cho thiết bị và chi phí hosting, mình rất vui nếu bạn có thể ủng hộ/donate mình thông qua MoMo hoặc chuyển khoản ngân hàng: 222 6868 111 - NGUYEN DUY THANH - MB (NH Quân Đội). Cảm ơn các bạn rất nhiều!
Phần cuối của series review 2 cuốn sách Thinking Fast and Slow của Daniel Kahneman và Amos Tversky, và cuốn The Undoing Project của Michael Lewis. Tập này xoay quanh 2 chương cuối của cuốn sách, đặc biệt là lý thuyết Prospect - lý thuyết đã mang lại cho Daniel Kahneman giải Nobel Kinh Tế vào năm 2002. Một tập rất nhiều câu đố, rất là nhức đầu. Hy vọng các bạn sẽ thích! 00:00 Bernoulli's Errors 03:14 Prospect Theory 09:37 The Endowment Effect 11:16 Bad Events 12:29 Rare Events 16:45 Sunk Cost Fallacy 20:12 Regrets 22:47 Framing 29:01 Two Selves 36:15 Cảm nhận cá nhân mình về 2 cuốn sách Contact với mình tại: YouTube | Facebook | Instagram | Website | Email Để đầu tư tốt hơn cho thiết bị và chi phí hosting, mình rất vui nếu bạn có thể ủng hộ/donate mình thông qua MoMo hoặc chuyển khoản ngân hàng: 222 6868 111 - NGUYEN DUY THANH - MB (NH Quân Đội). Cảm ơn các bạn rất nhiều!
Hello to you listening in Jablonne nad Orlici, Czech Republic! Coming to you from Whidbey Island, Washington this is Stories From Women Who Walk with 60 Seconds for Thoughts on Thursday and your host, Diane Wyzga.Maybe like me you have spaces in the year when you are not overly busy. In fact, you might be underly busy. Perhaps your reaction is to scramble to be productive. But productivity is not always related to action. What if there's another valuable way to use the underly busy times? Amos Tversky, an expert of decision making, wrote, “The secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours.” [Amos Tversky — An Amazing Man]Practical Tip: Think about this for a moment. What's the rush? There is time to devote to day dreaming or staring out the window while giving our wonderfully creative imaginations time to breathe, show up, solve a problem. Question: What would be so wrong about giving ourselves permission to be a little underly busy? How might that notion play out in your world?You're always invited: “Come for the stories - stay for the magic!” Speaking of magic, would you subscribe, share a 5-star rating + nice review on your social media or podcast channel of choice, and join us next time!Meanwhile, stop by my Quarter Moon Story Arts website to:✓ Check out Services I Offer,✓ Arrange your no-sales complimentary coaching session,✓ Opt In to my NewsAudioLetter for bonus gift, valuable tips & techniques to enhance your story work, and✓ Stay current with Diane on LinkedIn.Stories From Women Who Walk Production TeamPodcaster: Diane F Wyzga & Quarter Moon Story ArtsMusic: Mer's Waltz from Crossing the Waters by Steve Schuch & Night Heron MusicAll content and image © 2019 to Present Quarter Moon Story Arts. All rights reserved.
Tom Chatfield is a British author and tech philosopher, interested in improving our experiences and understanding of technology. He is the author of several books on good thinking in today's tech-dominated world, including “Critical Thinking” and “How to Think”. He also teaches these skills to diverse audiences, ranging from schools to corporate boardrooms, and he has recently designed a successful online course on Critical Thinking for the Economist education. His most recent book is Wise Animals, an exploration of the co-evolution of humanity and technology—and the lessons our deep past may hold for the present. He's also an experienced Chair, Non-Executive Director, advisor and speaker across the private and public sectors. -> Inscreva-se aqui no módulo 3 dos workshops de Pensamento Crítico: «Decidir Melhor». Registe-se aqui para ser avisado(a) de futuras edições dos workshops. _______________ Índice: (3:00) Introduction in English (5:06) How did you end up writing about critical thinking and technology? | Is critical thinking a soft or a hard skill? | Heuristics and biases (work of Daniel Kahnemen and Amos Trvsersky) | The art of knowing when to seek ‘cognitive reinforcements' | Why communicating nuances and uncertainties is so hard today. | Arguments when our basic assumptions differ | Why critical thinking is not about being always right. | The importance of challenging our assumptions. (32:46) Why asking questions is the best way to dispute arguments. | The importance of creating trust to have open discussions. | Useful tricks to improve collective decision-making: pre-mortems; obligation to dissent; Oxford-style debates | How much of corporate work today runs around sending and replying to emails | The Amazon memo | ask religious schools | The importance of thinking before talking: book Robert Poynton - Do Pause: You Are Not A To Do List (47:45) Difference between teaching critical thinking to 12 year olds and corporate audiences? | The ubiquity of business jargon | Richard Feynman and the power of questions | Why did SpaceX give up on “catching” falling fairings? | Thomas Kuhn on paradigm shifts | Richard Feynman On The Folly Of Crafting Precise Definitions (1:09:06) New book: Wise Animals: How Technology Has Made Us What We Are | Impact of mass interactive media on democracy. | impact of social media on social health. Book by Jonathan Haidt: The Anxious Generation _______________ Today we're diving into an enlightening conversation with Tom Chatfield, a British author and tech philosopher. Tom is the author of several books on good thinking in today's tech-dominated world, including “Critical Thinking” and “How to Think”. He also teaches these skills to diverse audiences, ranging from schools to corporate boardrooms, and he has recently designed a successful online course on Critical Thinking for the Economist education. In his most recent book, Wise Animals, Tom explores our relationship with technology, examining the lessons that our ancestral past may hold for our present challenges. In this thought-provoking conversation with Tom, we discussed his advice for how to think more critically in today's complex world. We talked about strategies to combat the influence of cognitive biases in our mind, as popularized by thinkers like the late Daniel Kahneman and Amos Tversky, and the importance (and difficulty) of challenging our own assumptions. We also discussed the importance of creating trust in order to be able to have open conversations, and some techniques for deep discussions and good decision making in all contexts. In the final part, we turned our focus to Tom's latest book, which explores our relationship with technology, and I asked his view on two big impacts technology is currently having in society: the destabilizing effect of mass interactive media on traditional democratic structures, exacerbating polarization and eroding public trust in institutions; and the troubling rise of what many experts refer to as an “Epidemic of Mental Illness” among children and teenagers, driven by pervasive social media use. ______________ Obrigado aos mecenas do podcast: Francisco Hermenegildo, Ricardo Evangelista, Henrique Pais João Baltazar, Salvador Cunha, Abilio Silva, Tiago Leite, Carlos Martins, Galaró family, Corto Lemos, Miguel Marques, Nuno Costa, Nuno e Ana, João Ribeiro, Helder Miranda, Pedro Lima Ferreira, Cesar Carpinteiro, Luis Fernambuco, Fernando Nunes, Manuel Canelas, Tiago Gonçalves, Carlos Pires, João Domingues, Hélio Bragança da Silva, Sandra Ferreira , Paulo Encarnação , BFDC, António Mexia Santos, Luís Guido, Bruno Heleno Tomás Costa, João Saro, Daniel Correia, Rita Mateus, António Padilha, Tiago Queiroz, Carmen Camacho, João Nelas, Francisco Fonseca, Rafael Santos, Andreia Esteves, Ana Teresa Mota, ARUNE BHURALAL, Mário Lourenço, RB, Maria Pimentel, Luis, Geoffrey Marcelino, Alberto Alcalde, António Rocha Pinto, Ruben de Bragança, João Vieira dos Santos, David Teixeira Alves, Armindo Martins , Carlos Nobre, Bernardo Vidal Pimentel, António Oliveira, Paulo Barros, Nuno Brites, Lígia Violas, Tiago Sequeira, Zé da Radio, João Morais, André Gamito, Diogo Costa, Pedro Ribeiro, Bernardo Cortez Vasco Sá Pinto, David , Tiago Pires, Mafalda Pratas, Joana Margarida Alves Martins, Luis Marques, João Raimundo, Francisco Arantes, Mariana Barosa, Nuno Gonçalves, Pedro Rebelo, Miguel Palhas, Ricardo Duarte, Duarte , Tomás Félix, Vasco Lima, Francisco Vasconcelos, Telmo , José Oliveira Pratas, Jose Pedroso, João Diogo Silva, Joao Diogo, José Proença, João Crispim, João Pinho , Afonso Martins, Robertt Valente, João Barbosa, Renato Mendes, Maria Francisca Couto, Antonio Albuquerque, Ana Sousa Amorim, Francisco Santos, Lara Luís, Manuel Martins, Macaco Quitado, Paulo Ferreira, Diogo Rombo, Francisco Manuel Reis, Bruno Lamas, Daniel Almeida, Patrícia Esquível , Diogo Silva, Luis Gomes, Cesar Correia, Cristiano Tavares, Pedro Gaspar, Gil Batista Marinho, Maria Oliveira, João Pereira, Rui Vilao, João Ferreira, Wedge, José Losa, Hélder Moreira, André Abrantes, Henrique Vieira, João Farinha, Manuel Botelho da Silva, João Diamantino, Ana Rita Laureano, Pedro L, Nuno Malvar, Joel, Rui Antunes7, Tomás Saraiva, Cloé Leal de Magalhães, Joao Barbosa, paulo matos, Fábio Monteiro, Tiago Stock, Beatriz Bagulho, Pedro Bravo, Antonio Loureiro, Hugo Ramos, Inês Inocêncio, Telmo Gomes, Sérgio Nunes, Tiago Pedroso, Teresa Pimentel, Rita Noronha, miguel farracho, José Fangueiro, Zé, Margarida Correia-Neves, Bruno Pinto Vitorino, João Lopes, Joana Pereirinha, Gonçalo Baptista, Dario Rodrigues, tati lima, Pedro On The Road, Catarina Fonseca, JC Pacheco, Sofia Ferreira, Inês Ribeiro, Miguel Jacinto, Tiago Agostinho, Margarida Costa Almeida, Helena Pinheiro, Rui Martins, Fábio Videira Santos, Tomás Lucena, João Freitas, Ricardo Sousa, RJ, Francisco Seabra Guimarães, Carlos Branco, David Palhota, Carlos Castro, Alexandre Alves, Cláudia Gomes Batista, Ana Leal, Ricardo Trindade, Luís Machado, Andrzej Stuart-Thompson, Diego Goulart, Filipa Portela, Paulo Rafael, Paloma Nunes, Marta Mendonca, Teresa Painho, Duarte Cameirão, Rodrigo Silva, José Alberto Gomes, Joao Gama, Cristina Loureiro, Tiago Gama, Tiago Rodrigues, Miguel Duarte, Ana Cantanhede, Artur Castro Freire, Rui Passos Rocha, Pedro Costa Antunes, Sofia Almeida, Ricardo Andrade Guimarães, Daniel Pais, Miguel Bastos, Luís Santos _______________ Esta conversa foi editada por: Hugo Oliveira _______________ Bio: Tom Chatfield is a British author and tech philosopher, interested in improving our experiences and understanding of technology. His most recent book is Wise Animals, an exploration of the co-evolution of humanity and technology—and the lessons our deep past may hold for the present. His recent work around future skills and technology includes designing and presenting the Economist‘s new business course Critical Thinking: Problem-solving and decision-making in a complex world. Tom's non-fiction books exploring digital culture, including How To Thrive in the Digital Age (Pan Macmillan) and Live This Book! (Penguin), have appeared in over thirty languages. His bestselling critical thinking textbooks and online courses, developed in partnership with SAGE Publishing, are used in schools and universities across the world. He's also an experienced Chair, Non-Executive Director, advisor and speaker across the private and public sectors. Topics he's written about recently include the ethics of AI, what it means to think well, technology in deep time and the philosophy of fake news.
Daniel Kahneman, the psychologist who changed the science of economics, passed away on March 27, 2024. SBS Russian talked to Dr Maxim Ananyev, researcher at the Melbourne Institute of Applied Economic and Social Research, the significance of Kahneman's work. - Ушел из жизни Даниэль Канеман — психолог, изменивший экономическую науку. О Канемане и его неизменном коллеге Амосе Тверски и значимости их работ SBS Russian поговорили с доктором Максимом Ананьевым, научным сотрудником Мельбурнского института прикладных экономических и социальных исследований.
The psychologist Daniel Kahneman — a Nobel laureate and the author of Thinking, Fast and Slow — recently died at age 90. Along with his collaborator Amos Tversky, he changed how we all think about decision-making. The journalist Michael Lewis told the Kahneman-Tversky story in a 2016 book called The Undoing Project. In this episode, Lewis explains why they had such a profound influence. SOURCE:Michael Lewis, writer. RESOURCES:The Undoing Project, by Michael Lewis (2016).Thinking, Fast and Slow, by Daniel Kahneman (2011).The Big Short: Inside the Doomsday Machine, by Michael Lewis (2010).Nudge: Improving Decisions About Health, Wealth, and Happiness, by Richard Thaler and Cass Sunstein (2009).Moneyball: The Art of Winning an Unfair Game, by Michael Lewis (2004).“Who's On First,” by Richard Thaler and Cass Sunstein (New Republic, 2003).“The Framing of Decisions and the Psychology of Choice,” by Daniel Kahneman and Amos Tversky (Science, 1981).“Prospect Theory: An Analysis of Decision Under Risk,” by Daniel Kahneman and Amos Tversky (Econometrica, 1979).“Judgment under Uncertainty: Heuristics and Biases,” by Daniel Kahneman and Amos Tversky (Science, 1974).“Subjective Probability: A Judgment of Representativeness,” by Daniel Kahneman and Amos Tversky (Cognitive Psychology, 1972). EXTRAS:"Remembering Daniel Kahneman," by People I (Mostly) Admire (2024)."Why Are People So Mad at Michael Lewis?" by Freakonomics Radio (2023)."Did Michael Lewis Just Get Lucky with 'Moneyball'?" by Freakonomics Radio (2022).
In this episode of Choiceology with Katy Milkman, we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk.Luis Green was a contestant on the popular TV game show Deal or No Deal. The game is largely one of chance, but there are moments during play where the contestant has an option to accept a cash offer to quit. At one point in the game, Luis was offered $333,000 to simply walk away. A guaranteed win! It seems like an obvious choice. But as you'll hear from the story, there are other factors that influenced his decision.Katy illustrates these factors with a version of a famous experiment. Volunteers are presented with two differently worded but mathematically identical scenarios. A simple shift from framing the scenario as a potential gain to one of potential loss results in starkly different choices from the volunteers.Next, Katy speaks with special guest Daniel Kahneman about the underlying theory that explains human behavior in these types of situations. Daniel Kahneman served as professor of psychology and public affairs emeritus at the Woodrow Wilson School and the Eugene Higgins Professor of Psychology Emeritus at Princeton University. He was awarded the 2002 Nobel Prize in Economics for his pioneering research with Amos Tversky. Their work helped establish the field of behavioral economics. Kahneman also wrote the bestselling book Thinking, Fast and Slow.Finally, Katy speaks with Colin Camerer about some of his favorite studies on risk seeking in the domain of losses, as well as practical approaches for avoiding this less-than-ideal behavior. Colin Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. You can read his paper “Prospect Theory in the Wild: Evidence from the Field” here.Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThe comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.(0424-VAX6)
If you've ever taken an economics class, you were probably taught that people are rational. But about 50 years ago, the psychologists Daniel Kahneman and Amos Tversky began to chip away at this basic assumption. In doing so, they transformed our understanding of human behavior. This week, we remember Kahneman, who recently died at the age of 90, by revisiting our 2018 and 2021 conversations with him. If you enjoyed this look at the work of Daniel Kahneman, you might also enjoy our conversations about behavioral economics with Kahneman's friend and collaborator Richard Thaler: Misbehaving with Richard Thaler Follow the Anomalies
The world mourns the loss of Daniel Kahneman, who passed away at the age of 90. Kahneman, a Nobel Prize laureate, revolutionized our understanding of human psychology's influence on economics, introducing groundbreaking concepts that challenged conventional wisdom. His work on cognitive biases and decision-making has had a profound impact on multiple fields, from finance to public policy. This episode honors Kahneman's life, exploring his major contributions, his legacy, and the deep influence he had on the study of human behavior. Key Takeaways: ✅ Kahneman's pioneering partnership with Amos Tversky provided critical insights into cognitive biases, fundamentally altering economic theory. ✅ His development of loss aversion theory has significantly influenced both academic research and practical decision-making. ✅ Kahneman's interdisciplinary work bridged psychology and economics, leading to his Nobel Prize in Economic Sciences in 2002. ✅ He was honored with the Presidential Medal of Freedom in 2013, recognizing his profound impact on understanding human thought and behavior.
Nobelprijswinnaar en psycholoog Daniel Kahneman is overleden. Hij werd 90 jaar oud en is vooral bekend van het boek Thinking Fast And Slow, waarin de manier waarop mensen beslissingen nemen stevig onder de loep wordt genomen. Conclusie: homo economicus optimaliseert zijn keuzes helemaal niet zozeer als de economische wetenschap jarenlang aannam. Het menselijk brein neemt eerder een soort groffe schatting aan en kiest dan vaak lukraak, tenzij de menselijke natuur actief wordt bevochten door allerlei checks and balances toe te voegen aan het denkproces. Het boek was de optelsom van een wetenschappelijke carrière die van onschatbare waarde is geweest voor iedereen op de financiële markten. Daarom wonnen Kahneman en zijn overleden wetenschappelijke partner Amos Tversky de Nobelprijs voor de Economie. Twee psychologen betraden een ander vakgebied met de boodschap dat de aannames binnen dat vakgebied niet helemaal klopten. Fondsmanagers ontsprongen de dans overigens ook niet. Beleggers doen er daarom goed aan om zichzelf te wantrouwen. Wie niet voor de index kiest, moet uitleggen waarom. Wanneer is een beslissing rationeel genoeg om rendement in ieder geval zekerder dan onzeker te laten zijn? Wat weet je écht? Kan je in twee minuten aan een klein kind uitleggen waarom dit bedrijf geld zal blijven verdienen, waarom het een crisis aankan, en waarom het ook nog een betere keus is dan één van de tienduizend andere bedrijven die óók beschikbaar zijn op de aandeelmarkt? Maar Kahneman gaat verder. In de lijst biases, oftewel onbewuste neigingen die ons als mens irrationele conclusies laten trekken, zit ook de zogeheten nabijheids-bias. Vrij vertaald: wie enkel naar de AEX kijkt, mist een heel universum. Van de 20 best renderende aandelen van de vorige twintig jaar is slechts een kwart bekend bij het grote publiek. En Kahneman wist waarom. P.S. Het levensverhaal van Daniel Kahneman en Amos Tversky leest als een bizarre roman waarin ook het verhaal van Israël prominent figureert, nog afgezien van de baanbrekende wetenschap die ze bedreven. Michael Lewis, auteur van The Big Short, woonde toevallig in de buurt bij Kahneman in Berkeley en schreef er een boek over: The Undoing Project. Wat de Beursnerd betreft is dat het beste boek van Michael Lewis, omdat het je niet alleen onbegrijpelijke lectuur uitlegt, maar ook een menselijk verhaal neerzet waarvan je bij elke pagina weer van je stoel valt. Wat je ook vindt van Lewis en Malcolm Gladwell: dit interview is nog altijd één van de grappigste én meest interessante video's die er op internet te vinden zijn. Beursnerd en Beursnerd XL Iedere werkdag iets na elf uur werpt de Beursnerd in gesprek met presentator Thomas van Zijl een blik op de AEX, waarbij hij of zij de diepgang niet schuwt. Daarnaast is er donderdag om tien voor twaalf een langere beursanalyse. Die neemt Beursnerd XL Jochem Visser voor zijn rekening. See omnystudio.com/listener for privacy information.
Tại phần 2 trong series Tư duy, Nhanh và Chậm, mình sẽ liệt kê 7 lỗi lập luận cơ bản kèm theo ví dụ và bài học cần rút ra, dựa trên 2 cuốn sách Thinking Fast and Slow của Daniel Kahneman và Amos Tversky và The Undoing Project của Michael Lewis. Contact với mình tại: YouTube | Facebook | Instagram | Website | Email Để đầu tư tốt hơn cho thiết bị và chi phí hosting, mình rất vui nếu bạn có thể ủng hộ/donate mình thông qua MoMo hoặc chuyển khoản ngân hàng: 222 6868 111 - NGUYEN DUY THANH - MB (NH Quân Đội). Cảm ơn các bạn rất nhiều!
Tại phần 2 trong series Tư duy, Nhanh và Chậm, mình sẽ liệt kê 7 lỗi lập luận cơ bản kèm theo ví dụ và bài học cần rút ra, dựa trên 2 cuốn sách Thinking Fast and Slow của Daniel Kahneman và Amos Tversky và The Undoing Project của Michael Lewis. Contact với mình tại: YouTube | Facebook | Instagram | Website | Email Để đầu tư tốt hơn cho thiết bị và chi phí hosting, mình rất vui nếu bạn có thể ủng hộ/donate mình thông qua MoMo hoặc chuyển khoản ngân hàng: 222 6868 111 - NGUYEN DUY THANH - MB (NH Quân Đội). Cảm ơn các bạn rất nhiều!
Một trong những cuốn sách thú vị nhất mình từng đọc về tâm lý học hành vi: Thinking, Fast & Slow, của tác giả Daniel Kahneman và Amos Tversky. Sau khi đọc thêm The Undoing Project của Michael Lewis phân tích sâu hơn về hai tác giả trên, mình đã quyết định làm ra series 4 video hệ thống lại các bài học mà theo mình là hay nhất. Đây là video đầu tiên: Two Systems. Contact với mình tại: YouTube | Facebook | Instagram | Website | Email Để đầu tư tốt hơn cho thiết bị và chi phí hosting, mình rất vui nếu bạn có thể ủng hộ/donate mình thông qua MoMo hoặc chuyển khoản ngân hàng: 222 6868 111 - NGUYEN DUY THANH - MB (NH Quân Đội). Cảm ơn các bạn rất nhiều!
Một trong những cuốn sách thú vị nhất mình từng đọc về tâm lý học hành vi: Thinking, Fast & Slow, của tác giả Daniel Kahneman và Amos Tversky. Sau khi đọc thêm The Undoing Project của Michael Lewis phân tích sâu hơn về hai tác giả trên, mình đã quyết định làm ra series 4 video hệ thống lại các bài học mà theo mình là hay nhất. Đây là video đầu tiên: Two Systems. Contact với mình tại: YouTube | Facebook | Instagram | Website | Email Để đầu tư tốt hơn cho thiết bị và chi phí hosting, mình rất vui nếu bạn có thể ủng hộ/donate mình thông qua MoMo hoặc chuyển khoản ngân hàng: 222 6868 111 - NGUYEN DUY THANH - MB (NH Quân Đội). Cảm ơn các bạn rất nhiều!
Dive into the remarkable story of Amos Tversky and Daniel Kahneman, the pioneering psychologists whose friendship and collaboration defied the odds and reshaped our understanding of economics. This episode explores how their groundbreaking work on judgment and decision-making under uncertainty led them to become the first psychologists to win the Nobel Prize in Economics. Discover the power of interdisciplinary collaboration and how it can lead to world-changing insights. Key Takeaways: ✅ The friendship between Tversky and Kahneman was more than personal; it was a meeting of minds that revolutionized behavioral economics. ✅ Their collaboration highlights the importance of interdisciplinary work, merging psychology with economics to challenge traditional models. ✅ Kahneman's Nobel Prize in 2002, awarded in memory of Tversky, underscores the lasting impact of their theories on decision-making and risk assessment. ✅ The story of Tversky and Kahneman exemplifies how deep intellectual partnerships can drive innovation and lead to global recognition.
In 1974, two psychologists, Daniel Kahneman and Amos Tversky, as the New Yorker once put it, "changed the way we think about the way we think." The prevailing wisdom, before their landmark research went viral (in the way things went viral in the 1970s), was that human beings were, for the most part, rational optimizers always making the kinds of judgments and decisions that best maximized the potential of the outcomes under their control. This was especially true in economics at the time. The story of how they generated a paradigm shift so powerful that it reached far outside economics and psychology to change they way all of us see ourselves is a fascinating tale, one that required the invention of something this episode is all about: The Psychology of Single Questions.They Thought We Were RidiculousOpinion ScienceBehavioral GroovesHow Minds ChangeDavid McRaney's TwitterYANSS TwitterShow NotesNewsletterPatreon
The notion of merging psychology with economics initially faced staunch skepticism, with errors perceived as random rather than systematic. However, everything changed when psychologists Daniel Kahneman and Amos Tversky joined forces, armed with groundbreaking ideas about human decision-making. Their meticulous research not only introduced a fresh perspective on understanding people's choices but also ignited the flames of Behavioral Economics. Through collaboration with other influential figures in the field, including Richard Thaler, their work spearheaded a transformative movement that challenged conventional economic assumptions, propelled novel ideas forward, and seamlessly integrated psychological theories into economic theory and practice. Discover Are errors random or systematic? The challenges of merging psychology with economics Why we rely on quick mental shortcuts in decision-making How a single question can short-circuit the rational mind The importance of marrying psychology and economics for understanding our behaviors
Daniel Kahneman and Amos Tversky were two psychologists with big ideas about how people made decisions. Their careful research launched a brand new way of understanding people's choices, and it helped fan the flames of Behavioral Economics.This is the second episode of a special series called: "They Thought We Were Ridiculous: The Unlikely Story of Behavioral Economics."For more information, check out the Opinion Science webpage for this series: http://opinionsciencepodcast.com/episode/they-thought-we-were-ridiculous/For a transcript of this episode, visit this episode's page at: http://opinionsciencepodcast.com/episodes/Learn more about Opinion Science at http://opinionsciencepodcast.com/ and follow @OpinionSciPod on Twitter.
When we make important decisions, we are often not as rational or objective as we'd like to believe. The base rate fallacy is the tendency to misjudge the probability of a situation by not accounting for all relevant information. This cognitive bias affects everything from first impressions to voting preferences to broad market behavior. Support this project: Buy Me a CoffeeSubscribe to the newsletter: SUBSCRIBE ME!Show Notes and Links at Clippingchains.com
The Kansas City Chiefs won last year's Super Bowl (LVII) and another just a few years before in 2020. The San Francisco 49ers last won a championship in 1995. In this short bonus episode, Mark Riepe shares his insights on how a concept from 18th-century mathematician Daniel Bernoulli might speak to our perceptions of utility, or emotional benefit, even regarding a team's preparation for a championship game.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder.If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Past performance is no guarantee of future results.All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Please note that this content was created as of the specific date indicated and reflects the author's views as of that date. It will be kept solely for historical purposes, and the author's opinions may change, without notice, in reaction to shifting economic, business, and other conditions.The Schwab Center for Financial Research is a division of Charles Schwab & Co.(0224-JN9Y)
The Kansas City Chiefs won last year's Super Bowl (LVII) and another just a few years before in 2020. The San Francisco 49ers last won a championship in 1995. In this short bonus episode, Mark Riepe shares his insights on how a concept from 18th-century mathematician Daniel Bernoulli might speak to our perceptions of utility, or emotional benefit, even regarding a team's preparation for a championship game.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder.If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Past performance is no guarantee of future results.All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Please note that this content was created as of the specific date indicated and reflects the author's views as of that date. It will be kept solely for historical purposes, and the author's opinions may change, without notice, in reaction to shifting economic, business, and other conditions.The Schwab Center for Financial Research is a division of Charles Schwab & Co.(0224-JN9Y)
Assine o Café Brasil em https://canalcafebrasil.com.br No início de suas carreiras, Daniel Khanenman e Amos Tversky trabalharam em diferentes ramos da psicologia: Kahneman estudou a visão, enquanto Tversky estudou a tomada de decisão. Em seus estudos, eles mostraram que, em ambos os domínios, os seres humanos dificilmente se comportam como se fossem estatísticos treinados ou intuitivos. Em vez disso, seus julgamentos e decisões se desviam dos modelos econômicos idealizados. As coisas não são como são, mas como as pessoas acham que são.See omnystudio.com/listener for privacy information.
Assine o Café Brasil em https://canalcafebrasil.com.br No início de suas carreiras, Daniel Khanenman e Amos Tversky trabalharam em diferentes ramos da psicologia: Kahneman estudou a visão, enquanto Tversky estudou a tomada de decisão. Em seus estudos, eles mostraram que, em ambos os domínios, os seres humanos dificilmente se comportam como se fossem estatísticos treinados ou intuitivos. Em vez disso, seus julgamentos e decisões se desviam dos modelos econômicos idealizados. As coisas não são como são, mas como as pessoas acham que são.See omnystudio.com/listener for privacy information.
Why do we mirror other people's accents? Does DJ Khaled get tired of winning? And also: life is good — so why aren't you happy? SOURCES:Albert Bandura, professor emeritus of psychology at Stanford University.John Bargh, professor of psychology and cognitive science at Yale University.Tanya Chartrand, professor of marketing at Duke University.Clay Cockrell, psychotherapist and founder of Walk and Talk Therapy.Iain Couzin, director of the department of collective behavior at the Max Planck Institute of Animal Behavior.William Irvine, professor of philosophy at Wright State University.Daniel Kahneman, professor emeritus of psychology at Princeton University.Stephen Kosslyn, professor emeritus of psychology at Harvard University.Cristine Legare, professor of psychology at the University of Texas at Austin.Kevin Ochsner, professor of psychology at Columbia University.Amos Tversky, professor of psychology at Stanford University. RESOURCES:"How to Escape the Hedonic Treadmill and Be Happier," by Anna Katharina Schaffner (Positive Psychology, 2016).“Revealing the Hidden Networks of Interaction in Mobile Animal Groups Allows Prediction of Complex Behavioral Contagion,” by Sara Brin Rosenthal, Colin R. Twomey, Andrew T. Hartnett, Hai Shan Wu, and Iain Couzin (PNAS, 2015).“A Calm Look at the Most Hyped Concept in Neuroscience — Mirror Neurons,” by Christian Jarrett (WIRED, 2013).“The Chameleon Effect: The Perception–Behavior Link and Social Interaction,” by Tanya Chartrand and John Bargh (Journal of Personality and Social Psychology, 1999).“Prospect Theory: An Analysis of Decision Under Risk,” by Daniel Kahneman and Amos Tversky (The Econometric Society, 1979).“Transmission of Aggression Through Imitation of Aggressive Models,” by Albert Bandura, Dorothea Ross, and Sheila A. Ross (Journal of Abnormal and Social Psychology, 1961). EXTRAS:"Why Are Rich Countries So Unhappy?" by No Stupid Questions (2022)."Do You Mind if I Borrow Your Personality?" by No Stupid Questions (2022).“Episode 2: The Unhappy Millionaire,” by The Happiness Lab (2019).The Happiness Lab.
Chapter 1 The digest of The Undoing Project content"The Undoing Project" is a nonfiction book written by Michael Lewis and published in 2016. It explores the lives and work of psychologists Daniel Kahneman and Amos Tversky, who revolutionized the field of behavioral economics. The book chronicles their friendship and collaboration, as well as their groundbreaking research that challenged traditional economic theories. Kahneman and Tversky's work focused on the cognitive biases and heuristics that influence human decision-making, shedding light on the irrational ways in which people assess risks and make judgments. Their collaboration led to the development of the prospect theory, which has had a significant impact on various disciplines, including economics, psychology, and finance. "The Undoing Project" also explores the personal lives of Kahneman and Tversky, delving into their backgrounds and the impact of their research on their friendship and careers. Overall, the book provides a fascinating account of their influential work and its implications for our understanding of human behavior.Chapter 2 Valuable elements inherent in The Undoing ProjectThe Undoing Project by Michael Lewis has received generally positive reviews and is considered a good book by many readers. It explores the groundbreaking work of psychologists Daniel Kahneman and Amos Tversky in the field of behavioral economics, delving into their unique friendship and collaboration. The book explores their research on decision-making and how their insights have influenced various industries. However, as with all books, the determination of whether it is good or not ultimately depends on personal preference and interests.Chapter 3 Recapitulation of The Undoing Project"The Undoing Project" by Michael Lewis is a non-fiction book that explores the partnership and work of psychologists Daniel Kahneman and Amos Tversky. The book delves into their groundbreaking research and its impact on the field of psychology and decision-making.Lewis begins by delving into the personal lives and characters of Kahneman and Tversky, acquainting the reader with their backgrounds, motivations, and personalities. He then proceeds to explore their collaboration, highlighting their unique abilities and the complementary nature of their partnership.The book delves deep into their research, focusing on their exploration of cognitive biases and heuristics. Kahneman and Tversky challenged traditional economic theory by demonstrating that human decision-making is often irrational and influenced by various psychological factors. They introduced concepts like the availability heuristic, anchoring bias, and prospect theory, which have since become foundational principles in behavioral economics.Lewis also covers the personal struggles and complexities of their relationship, including issues of power dynamics and resentment that arose as their influence and recognition grew. He captures the essence of their work and the intellectual journey they embarked on, delving into their theories and experiments with great detail and clarity."The Undoing Project" also highlights the wider impact of Kahneman and Tversky's work, including its influence on fields like medicine, finance, sports, and politics. The book explores how their insights have shaped our understanding of human behavior and decision-making, and how they continue to be relevant and influential today.Overall, "The Undoing Project" is a captivating exploration of the partnership between two brilliant psychologists and the impact of their groundbreaking research. It provides valuable...
The Intuitive Customer - Improve Your Customer Experience To Gain Growth
For many of us, planning can be an area of opportunity. We underestimate how much time something will take and how much time we will have available for something, particularly regarding project completion. However, Daniel Kahneman and Amos Tversky explained why we do this, and we will tell you what we can do about it. Kahneman and Tversky call this phenomenon the Planning Fallacy. Our optimism about our future selves and the abilities and resources available causes it. For this reason, it rarely occurs on a tight timeline; we are far less optimistic about our right-now selves. We know we can't do it right now. There are a few reasons besides optimism that cause this problem, too. For example, we tend to focus on certain details and ignore others (Focalism). Or we might be wishful thinking. We want to finish the project by then, so why not pick that date? In this episode, we explore why so many of us are victims of the Planning Fallacy and what we can do about it in our own work and the work of our organizations. If you listen to this podcast, your future self will thank you. Here are some other key moments in the discussion: 04:02 We introduce the idea of the Planning Fallacy and explain what it is and how it affects us. 08:15 We discuss why it's different when considering something with a short timeline, meaning an imminent due date. 11:10 Colin shares an example he frequently encounters on Emotional Signature projects, and why it isn't his fault they miss their optimistic deadlines. 19:36 Colin points out that different departments organizationally can contribute to the problem and that these departments should learn The Power of Saying NO. 21:29 Ryan shares more contributing factors to why we victimize our future selves with the Planning Fallacy. 29:42 We share practical advice about what you can do to ensure that your past self doesn't get your future self in a bind. _________________________________________________________________ Did you know we have a YouTube Channel too? Check it out here. Follow Colin on LinkedIn HERE.
What exactly is confidence? Peter Atwater describes it as the feelings of certainty and control that we have about our future self. He explains The Confidence Map framework and how our horizon preference and vulnerability first mindset change, based on our level of confidence. Peter Atwater is an adjunct professor of economics at Williams and Mary University, and the President of financial insights, a consulting firm that advises global policymakers on how social mood affects decision making, the economy and the markets. He is known for coining the “K-shaped recovery” which is an economic term used by political and economic leaders. Most recently, he has examined the hidden role of confidence in the choices we make, in his new book “The Confidence Map: Charting a Path from Chaos to Clarity”. Confidence is inherently forward-looking and involves imagining the future, which is inherently uncertain. To illustrate this, Peter introduces us to the Confidence Map, a two-by-two grid with certainty on the x-axis and control on the y-axis. The upper right quadrant represents high confidence where there is both high certainty and control. This is the "comfort zone." The lower left quadrant represents low confidence due to low certainty and control. This is the "stress center." The other two quadrants represent situations where there is only one of the two factors needed for confidence. The "passenger seat" quadrant has uncertainty but no control, like being a passenger in a car. The "launchpad" quadrant has control but no certainty, like pulling the lever on a slot machine. Overconfidence and under confidence can both be issues. Organizations often ignore the vulnerability people feel during a crisis, focusing only on fixing the problem, as Boeing did during the 737 Max disasters. Listen to Tim and Kurt's discussion with Peter and the following Grooving Session to learn how confidence can be both an input and output of decision-making and about the complex interplay between feelings, stories and actions. We hope you enjoy listening to our discussion with Peter and if you would like to support the work of Behavioral Grooves, we would love you to join our Behavioral Grooves Patreon membership. Topics (2:15) Welcome and speed round questions. (4:44) What is confidence? (7:50) The confidence quadrant. (12:55) Can you have too much confidence and can it be false? (15:49) How Behavioral Economics influences our financial decision making. (18:42) Why groups can overestimate outcomes. (20:42) Confidence is both an input and an output. (23:39) Horizon preference and confidence. (27:29) What is a vulnerability first mindset? (29:33) How Boeing focused on the wrong issue with the 737 Max disasters. (32:19) What music would Peter take to a desert island? (34:44) Grooving Session with Kurt and Tim on confidence. © 2023 Behavioral Grooves Links Peter Atwater: https://peteratwater.com/ Peter Atwater's book: The Confidence Map: Charting a Path from Chaos to Clarity: https://amzn.to/3NB2gM3 Daniel Kahneman and Amos Tversky (1974) Judgment Under Uncertainty: Heuristics and Biases, Science: https://www.science.org/doi/10.1126/science.185.4157.1124 Episode 31, Leaving the Matrix: Annie Duke and Insights into how you can improve your thinking! https://behavioralgrooves.com/episode/leaving-the-matrix-annie-duke-and-insights-into-how-you-can-improve-your-thinking/ Boeing 737 Max grounding: https://en.wikipedia.org/wiki/Boeing_737_MAX_groundings Behavioral Grooves Patreon: https://www.patreon.com/behavioralgrooves Musical Links Steve Sondheim “Send in the Clowns”: https://www.youtube.com/watch?v=UBuDSsc9Pak George Winston “Autumn”: https://www.youtube.com/watch?v=JKmqyQUDehs
Daniel Kahneman is Professor Emeritus of Psychology and Public Policy at Princeton University. He won the Nobel Prize in Economic Sciences in 2002 for joint work with Amos Tversky in which they revealed the biases and heuristics with which humans operate, thereby deviating from the rationality presumed by economic theory at the time. Among this and many other awards, Danny was also given the Presidential Medal of Freedom by Barrack Obama. While Danny is likely best known outside of psychology for his book Thinking Fast and Slow, he and Robinson discuss his latest a book, co-authored with Olivier Simony and Cass Sunstein, called Noise: A Flaw in Human Judgment, which concerns the astonishingly prevalent and damaging variability inherent in human judgment. Noise: https://a.co/d/hbKBQKD OUTLINE 00:00 In This Episode… 00:55 Introduction 06:16 Danny's Childhood 11:23 The Difference Between Noise and Bias 16:21 Some Themes from Noise 18:57 Noise in the Judicial System 32:36 Noise in the Medical System 37:59 The Difficulty of Spotting Noise 39:58 Psychology and the Descriptive, Prescriptive, and Normative 43:14 Decision Hygiene for Reducing Bias and Noise in Judgment 54:32 Limiting Intuitions to Improve Decision-Making 01:00:38 Understanding Regression to the Mean Robinson's Website: http://robinsonerhardt.com Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, weightlifters, artists, and everyone in-between. --- Support this podcast: https://podcasters.spotify.com/pod/show/robinson-erhardt/support
Thinking, Fast And SlowThinking, Fast And Slow Full Book Introduction The human brain is equipped with two thinking systems, System 1 that is good at thinking fast, and System 2 that is good at thinking slow. System 1, the fast thinker, relies on intuition when it makes a judgment. While it is fast and efficient, it is inept at statistical reasoning and is susceptible to many systematic biases. On the other hand, System 2, the slow thinker that oversees rational thinking, is lazy and often takes System 1's intuition for granted. More often than not, we are irrational when we make judgments and decisions, and we are definitely not what the author calls “Econs.” Author : Daniel KahnemanDaniel Kahneman is a psychologist and a pioneer in behavioral economics. He was awarded the 2002 Nobel Memorial Prize in Economic Sciences for bringing psychology and economics together to better understand how humans make decisions under uncertainty. His research has covered social psychology, cognitive science, and behavioral economics. Documenting his pioneering findings in these fields, the 2011 book Thinking, Fast and Slow is an ensemble of Kahneman's finest works. Overview | Chapter 1Hi, welcome to Bookey. Today we will unlock the book Thinking, Fast and Slow, a milestone in the field of behavioral economics. Daniel Kahneman, the renowned psychologist and author of the book, has combined psychology and economics to examine how humans make judgments and decisions under uncertainty. His trailblazing work won him the 2002 Nobel Memorial Prize in Economic Sciences. By collaborating with his colleague Amos Tversky, Kahneman paved the way for a new field of study, Behavioral Economics. Their research broke down the barriers between social psychology, cognitive science, and economics, providing us with a better understanding of the mechanisms of the human brain in judgment and decision making. Psychologists Keith Stanovich and Richard West were the first to propose that the human brain runs two cognitive processes, fast thinking and slow thinking, which they named System 1 and System 2. These terms were adopted by Kahneman in this book. System 1 and System 2 are not two physical parts in the human brain but a virtual concept that showcases how thinking works. System 1 is a subconscious, fast-thinking system that relies on intuition, whereas System 2 is a conscious, slow-thinking system that takes voluntary effort to control. System 1 is in charge of the day-to-day tasks that we are familiar with, such as braking or turning according to signals when we drive. On the other hand, System 2 takes over the tasks or problems that System 1 finds alien or fails to solve, such as doing the mental arithmetic of 17 times 38. Although the human brain has two thinking systems at its disposal, System 2 is, in fact, very lazy. It would not set to work unless the situation compels it to, such as when faced with a problem that System 1 cannot solve. As a result, most of the judgments and decisions that we make for our lives and career are predominantly System 1's works. System 2 is at best its assistant. In most circumstances, the work distribution between System 1 and System 2 is highly efficient. However, System 1 has many flaws and is prone to systematic errors, which is what Kahneman chose to focus on in this book. He mainly discusses the cognitive attributes and weaknesses of System 1. By understanding System 1's flaws, we can consciously avoid many cognitive fallacies and become better decision-makers. Next, we will summarize the book in three parts by focusing on the traits and flaws of...
Hello to you listening in Kelseyville, California!Coming to you from Whidbey Island, Washington this is Stories From Women Who Walk with 60 Seconds for Thoughts on Thursday and your host, Diane Wyzga.Maybe like me you have spaces in the year when you are not overly busy. In fact, you might even be underly busy. Perhaps your reaction is to scramble to be productive. But productivity is not always related to action. What if there's another valuable way to use the underly busy times? Amos Tversky, an expert of decision making, wrote, “The secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours.” [Amos Tversky — An Amazing Man]Practical Tip: What's the rush? Give yourself permission to experience letting go, to devote time to quietly day-dreaming while giving your wonderfully creative imagination time to be in stillness, show up, and like mmmagic! solve a problem (or 3) when you least expect it! You're invited: “Come for the stories - stay for the magic!” Speaking of magic, I hope you'll subscribe, follow, share a 5-star rating and nice review on your social media or podcast channel of choice, and join us next time! Remember to stop by the website, check out the Services, arrange a Discovery Call, and Opt In to stay current with Diane and Quarter Moon Story Arts and on LinkedIn.Stories From Women Who Walk Production TeamPodcaster: Diane F Wyzga & Quarter Moon Story ArtsMusic: Mer's Waltz from Crossing the Waters by Steve Schuch & Night Heron MusicAll content and image © 2019 to Present: for credit & attribution Quarter Moon Story Arts
Daniel Kahneman is widely regarded as the most influential psychologist alive. He won the Nobel Prize in Economics (2002) for his work on judgment and decision-making under uncertainty, much of it done jointly with his late collaborator Amos Tversky. He is the author of the bestselling books Thinking, Fast and Slow and Noise: A Flaw in Human Judgment (written with Olivier Sibony and Cass Sunstein). Full transcript available at: thejspod.comSee omnystudio.com/listener for privacy information.
So, you think you're making good decisions, but are you really? And, what about the hidden scripts and noisy inputs that affect nearly every decision you make, without you being aware of any of it? How do we make better decisions?Today's guest can help. Daniel Kahneman is one of the most influential psychologists and thinkers in modern history, his ideas have literally changed the way we live, work, relate, see the world, make decisions, and build solutions, organizations, industries, societies, and lives. Best known for his remarkable work with Amos Tversky, which explores how we reason and make decisions, his research was, in no small way, seminal in the creation of the field of behavioral economics. He's been awarded the Nobel Prize, as well as the Presidential Medal of Freedom. His New York Times best-selling book, Thinking, Fast and Slow, has sold more than seven million copies worldwide. And his most recent book, Noise: A Flaw in Human Judgment, explores how unrecognized, systemic influences affect our decisions in ways, both rational and not, that remain completely hidden to us and often lead to profound unfairness and inequality. We talk about key ideas from his research spanning more than 6 decades. But, we also dive deep into the life experiences that shaped him. Fascinatingly, Kahmeman's curiosity about humans and all our complexities was sparked as a young Jew living with his family in Nazi-occupied France during World War II, and running for years, before fleeing. His sometimes harrowing experiences triggered questions and curiosities that powerfully influenced what would become a lifelong devotion to understand why we do the things we do.We explore those early experiences, and he shares where some of the seeds were first planted that would later grow into the body of research and work that have changed the world. You can find Daniel at: Princeton University | The Nobel PrizeIf you LOVED this episode you'll also love the conversations we had with Charles Duhigg about how unknown influences and habit and ritual effect our behavior.Check out our offerings & partners: My New Book SparkedMy New Podcast SPARKED. To submit your “moment & question” for consideration to be on the show go to sparketype.com/submit. Visit Our Sponsor Page For Great Resources & Discount Codes Hosted on Acast. See acast.com/privacy for more information.
In this episode of High Theory, Eli Cook tells us about choice architecture. The term was invented by behavioral economists in 2008 who proposed it as a soft-power model of “libertarian paternalism” to influence consumer choice. Eli traces their concept through a twentieth-century history of structured choices, from personality tests and the five-star rating to the swipes and likes of platform capitalism. He shifts our attention from the rhetoric of consumer choice as freedom to the power of “choice architects” who determine the options for us. Eli takes the term “choice architecture” from Richard Thaler and Cass Sunstein's book Nudge: Improving Decisions About Health, Wealth, and Happiness (Yale UP, 2008). He mentions the industrial psychologist Walter Dill Scott and the inventors of behavioral economics, Amos Tversky and Daniel Kahneman. Amusingly, there is a New Yorker article about Tversky and Kahneman written by Thaler and Sunstein, called “The Two Friends Who Changed How We Think About How We Think.” (New Yorker 7 Dec 2016). In the full version of our conversation, Eli referenced the work of Sophia Rosenfeld on the longue durée history of choice. Eli Cook is a historian of American capitalism. He works as a Senior Lecturer in History and as head of the American Studies Program at the University of Haifa in Israel. His first book The Pricing of Progress: Economic Indicators and the Capitalization of American Life was published by Harvard University Press in 2017. Last year, he was a fellow at the Stanford Humanities Center where he worked on his new book about choice architecture. Image: © 2023 Saronik Bosu Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network
In this episode of High Theory, Eli Cook tells us about choice architecture. The term was invented by behavioral economists in 2008 who proposed it as a soft-power model of “libertarian paternalism” to influence consumer choice. Eli traces their concept through a twentieth-century history of structured choices, from personality tests and the five-star rating to the swipes and likes of platform capitalism. He shifts our attention from the rhetoric of consumer choice as freedom to the power of “choice architects” who determine the options for us. Eli takes the term “choice architecture” from Richard Thaler and Cass Sunstein's book Nudge: Improving Decisions About Health, Wealth, and Happiness (Yale UP, 2008). He mentions the industrial psychologist Walter Dill Scott and the inventors of behavioral economics, Amos Tversky and Daniel Kahneman. Amusingly, there is a New Yorker article about Tversky and Kahneman written by Thaler and Sunstein, called “The Two Friends Who Changed How We Think About How We Think.” (New Yorker 7 Dec 2016). In the full version of our conversation, Eli referenced the work of Sophia Rosenfeld on the longue durée history of choice. Eli Cook is a historian of American capitalism. He works as a Senior Lecturer in History and as head of the American Studies Program at the University of Haifa in Israel. His first book The Pricing of Progress: Economic Indicators and the Capitalization of American Life was published by Harvard University Press in 2017. Last year, he was a fellow at the Stanford Humanities Center where he worked on his new book about choice architecture. Image: © 2023 Saronik Bosu Learn more about your ad choices. Visit megaphone.fm/adchoices
The pain of loss is psychologically twice as powerful as the pleasure of gain. When Daniel Kahneman and Amos Tversky published Prospect Theory in 1979, a generation of advertisers mistakenly began to speak to Pain, and to the fear of Loss.If you frame a choice as “Loss versus Gain,” most people will choose loss avoidance because “losses loom larger than gains.”But what if you want your audience to embrace the risk of loss? To what motivation, then, do you speak?Equally unwise is to frame a choice as “Pain versus Pleasure.” Pain and Pleasure are not as distinct as they may at first seem. You do not recall the event itself, but only your most recent memory of it.The experience of pain or pleasure during an event is replaced by the memory of that pain or pleasure; how it is perceived afterwards upon recall. Your memory is built upon what you were feeling at the peak point, and how the experience ended. These are the four peaks that matter:1. Elevation: a transcendent moment of happiness.2. Pride: a moment that captures you at your best.3. Insight: a eureka moment that gives you startling clarity4. Connection: a moment of knowing you belong.Don't speak to the fear of loss – or to the avoidance of pain – unless you are counting on an immediate response from people who are easily alarmed.If you desire your audience to embrace the possibility of pain and loss, you must reframe the choice as “Fear versus Hope.”We have lionized feats of bravery and ridiculed acts of cowardice for millennia.“Are you a frightened, fearful little waste of skin, or will your actions be remembered for generations? Is there anything you care about more than yourself?”Loss vs. Gain, or Pain vs. Pleasure, can easily be reframed as Fear vs. Hope. To cause a person to prefer more pain instead of less pain, all you have to do is add a better ending.“With a beginning that invites each man to assume he'll be the one who ‘outlives this day, and comes safe home,' the speech skims over present difficulties to paint an evocative picture of future fellowship and hearty celebration. Instead of focusing on the suffering they're about to face, the men project themselves years ahead, to the happy time when they will be old and honored, with even the meanest of their number elevated to gentry status as the king's brothers-in-arms. With this vivid picture of their glorious future, the king moves the troops to conquer their fears and follow him to victory.”– Virginia Postrel, The Power of GlamourVirginia Postrell was referring to a famous speech Shakespeare wrote for a play in 1599. When they were impossibly outnumbered at Agincourt in 1415 and every man thought he was about to die; this is that famous speech given by King Henry V.HUMPHREY, DUKE OF GLOUCESTERWhere is the King? JOHN, DUKE OF BEDFORDThe King himself is rode to view their battle. EARL OF WESTMORLANDOf fighting men they have full threescore thousand. DUKE OF EXETERThere's five to one; besides, they all are fresh.(The King, unseen, approaches from behind and hears… )EARL OF WESTMORLANDO that we now had hereBut one ten-thousand of those men in EnglandThat do no work today! KING HENRY VWhat's he that wishes so?My cousin Westmorland? No, my fair cousin.If we are mark'd to die, we are enoughTo do our country loss; and if to live,The fewer men, the greater share of honor.God's will, I pray thee wish not one man more.Rather proclaim it, Westmorland, through...
This week on Unorthodox, lots of lox drama at one Manhattan synagogue. Our Gentile of the Week is author and podcaster Michael Lewis, who gamely revisits his 1993 Toy Goy article in the New Republic, tells us about being on the receiving end of antisemitic taunts for attending the Isidore Newman School in New Orleans and shares what he learned researching his 2016 book, The Undoing Project, about the friendship between Israeli cognitive psychologists Amos Tversky and Daniel Kahneman. Our Jew of the Week is Dana Bash, CNN's chief political correspondent and the co-anchor of CNN's State of the Union. She joins us to tell us what she learned while reporting her recent CNN special, “Rising Hate: Antisemitism in America,” and why she decided to also make the story personal. Our annual fundraiser is underway, and this year we're upping the stakes: for every $100 you donate, you'll be entered to win a mystery gift box curated by Stephanie, Mark, or Liel. Donate at tabletm.ag/mysterybox, and thank you for your support. We're heading back on the road! Find out about our upcoming events at tabletmag.com/unorthodoxlive. We love to hear from you! Send us emails and voice memos at unorthodox@tabletmag.com, or leave a voicemail at our listener line: (914) 570-4869. Remember to tell us who you are and where you're calling from. Subscribe to our weekly newsletter to get new episodes, photos, and more. Join our Facebook group, and follow Unorthodox on Twitter and Instagram. Get a behind-the-scenes look at our recording sessions on our YouTube channel. Want to book us for a live show or event in your area, or partner with us in some other way? Email Tanya Singer at tsinger@tabletmag.com. Unorthodox is produced by Tablet Studios. Check out all of our podcasts at tabletmag.com/podcasts. Sponsors: Soom tahini is the perfect ingredient for your fall meals. Use discount code UNORTHODOX22 for 10% off your next order at soomfoods.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
Humans can easily distinguish between a zero-chance event (e.g., the Washington Nationals winning the World Series in 2022) and a sure thing (e.g., the sun coming up tomorrow). But in between those two clear outcomes, it turns out that we're not great at estimating odds.In this episode of Choiceology with Katy Milkman, a bias that affects the way we predict the likelihood of rare events.Katia Jordan had all the makings of a tennis star: a preternatural talent, an intense drive to succeed, top-tier coaches, and parents who supported her dream completely. She was certain that she would be the next Venus Williams. But along the way, she discovered that her path to tennis glory was not as straight as she imagined.Katia Jordan is a former Division 1 tennis player and is currently script coordinator on the television program All American Homecoming.Next, Katy speaks with UCLA psychology professor Craig Fox about how we tend to overweight the likelihood of small probabilities. Building on seminal work by his mentor Amos Tversky and Daniel Kahneman, Dr. Fox explains a bias in the way we imagine the odds of rare events and demonstrates approaches gleaned from his research that can help us better avoid distortions in the way we conceptualize risk and reward. Craig Fox is the Harold Williams Chair and Professor of Management at the UCLA Anderson School of Management.Finally, Katy gives examples of the areas in your life where you can save money, improve health, and avoid some anxiety by better understanding the true likelihood of rare events.Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast.If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts.Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions.The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Investing involves risk, including loss of principal.The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.Spotify and the Spotify logo are registered trademarks of Spotify AB.(0822-2CTA)