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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)
This week on the Where Parents Talk podcast host Lianne Castelino speaks to Dr. Stephen Nowicki, clinical psychologist, Charles Howard Candler Professor of Psychology Emeritus, Emory University and author about raising socially successful children.
LSU student Madison Brooks is killed after being hit by a car. Brooks was standing in the road at the time, but why? Police say Brooks left a Tigerland bar with four men. Two of the men, then allegedly rape the very inebriated 19-year-old. When Brooks cannot give the men her address, she is dropped off around 3 a.m. in a random neighborhood. That is when Brooks is hit by the car. That driver showed no signs or evidence of being impaired. The four men who left with Brooks have been arrested. They claim the sex was consensual, but hospital staff says Brooks' blood alcohol level was nearly 4 times the legal limit. Kaivon Washington, 18, and an unidentified 17-year-old minor are charged with third-degree rape. Everette Lee, 28, and Casen Carver, 18, were charged with principal to third-degree rape, which means they were there when the incident occurred but did not take part in it. Joining Nancy Grace today: Renee Rockwell - Criminal Defense Attorney; Facebook: "Renee.Rockwell" (Atlanta) Dr. Mindy B. Mechanic- Professor of Psychology (Emeritus) at California State University Fullerton, Forensic Psychologist Focusing on Trauma/victimization, Intimate Partner Violence, Sexual Assault and Stalking Sheryl McCollum - Forensic Expert, Founder: Atlanta's Cold Case Investigative Research Institute; Twitter:@ColdCaseTips; Host: "Zone 7" Dr. Monte Miller - Director, Forensic DNA Experts LLC; Specialist in Sexual Assaults and Murder; Former Forensic Scientist for Texas Dept. of Public Safety State Crime Lab Dr. Michelle DuPre - Former Forensic Pathologist, Medical Examiner and Detective: Lexington County Sheriff's Department; Author: "Homicide Investigation Field Guide" & "Investigating Child Abuse Field Guide;" Forensic Consultant Jen Smith - Chief Reporter at DailyMail.com; Twitter: @Jen_e_Smith See omnystudio.com/listener for privacy information.
Jury selection continues Alex Murdaugh murder trial with opening statements expected later in the day. Over the past two days, motions have been filed by the defense asking the judge to not allow some evidence be presented, including ballistics and some of the state's expert witness testimony. The judge ruled that a ballistics expert, a SLED agent, was credible. Another point of contention, blood spatter evidence. The defense says the white t-shirt worn by Murdaugh, which the state says has blood spatter on it, has been damaged by testing so that defense experts cannot conduct their own tests. Both prosecutors and the defense agreed not to bring up the blood spatter evidence during opening arguments. Joining Nancy Grace today: Mark Tate- Trial Lawyer- The Tate Law Group- TateLawGroup.com, Twitter: @TateLawGroup - (Savannah, GA) Dr. Mindy B. Mechanic- Professor of Psychology (Emeritus) at California State University Fullerton, Forensic Psychologist Focusing on Trauma/victimization, Intimate Partner Violence, Sexual Assault and Stalking Sheryl McCollum - Forensic Expert, Founder: Cold Case Investigative Research Institute in Atlanta, GA, ColdCaseCrimes.org, Twitter: @ColdCaseTips, Host : “Zone 7” Leonard Romero-Forensic firearms examiner/ballistics expert- ballisticsfirearmsexpert.com Dr. Michelle DuPre - Former Forensic Pathologist, Medical Examiner and Detective: Lexington County Sheriff's Department, Author: "Homicide Investigation Field Guide" & "Investigating Child Abuse Field Guide", Forensic Consultant, DMichelleDupreMD.com Matt Harris- Former reporter WSOC TV, Radio Show Host, and Podcaster “The Murduagh Family Murders: Impact of Influence”. Facebook: “MurdaughPodcast”- See omnystudio.com/listener for privacy information.
Texas bull rider Ouncie Mitchell shot and killed outside a Utah apartment complex. Mitchell, who's real name is Demetrius Omar Lateef Allen, was in town to compete at an event at the state fair. After the competition Mitchell and a female friend when to a downtown bar, where they argued. The friend, LaShawn Denise Bagley, left the bar, leaving Mitchell to find his own way back. Mitchell gets a ride, calling and texting Bagley during to the trip to let her know he is on his way to get his things. Once he and the driver arrived, shots were fired through a window and the glass door of the apartment, hitting Mitchell once in the torso. Bagley was arrested for murder and felony discharge of a firearm. Joining Nancy Grace Today: Brad M. Micklin, Esq - Lead Attorney, Managing Member, The Micklin Law Group, LLC (Nutley, NJ) Dr. Mindy B. Mechanic - Professor of Psychology (Emeritus) at California State University Fullerton, Forensic Psychologist Focusing on Trauma/victimization, Intimate Partner Violence, Sexual Assault and Stalking John Guard - Chief Deputy – Pitt County Sheriff's Office (Greenville, NC), Specializes in Investigating Domestic Violence Cases Dr. Tim Gallagher - Medical Examiner State of Florida PathcareMed.com, Lecturer: University of Florida Medical School Forensic Medicine, Founder/Host: International Forensic Medicine Death Investigation Conference Ashley Imlay - Reporter, KSL (Salt Lake City, UT), KSL.com, Twitter: @ashley_imlay See omnystudio.com/listener for privacy information.
Jacki is joined in studio by Dr. Merrill Matthews of the Institute for Policy Innovation to review his newest Wall Street Journal opinion piece answering the question: “Why are Energy Companies not Producing?” - - - - - Dr. John Staddon, Professor of Biology and Psychology Emeritus, Duke University, author of over 200 scholarly works and nine books, joins Jacki to discuss his newest book, Science in an Age of Unreason. Dr. Staddon examines the relationship between religion and science, the history of science, how the single funder (government) model of science funding has compromised research integrity such that the results of most studies cannot be replicated, and how this leads to misguided policy with climate, pandemics, 2A, etc. - - - - - Why has Biden done a 180-degree reversal on fossil fuels? On the campaign trail he vowed to end U.S. fossil fuels, but now he is condemning energy companies for not producing or refining enough fossil fuels. Jacki gives her take on Biden's new plan to do a federal gas tax holiday in advance of the election, his reversal on fossil fuels, and his plans to double down on electric vehicles and ethanol.
Community outrage after a Louisiana mom loses custody of her daughter to the man who raped her as a teen. Crysta Abelseth was 16-years-old in 2005, when she says she was raped by John Barnes, then 30 years old. Abelseth became pregnant. DNA tests show, and Barnes admits, he is the father of the now teen child. Barnes claims the sex was consensual. Abelseth told WBRZ that she met Barnes during a night out with friends at a Hammond restaurant and that he offered to drive her home. Abethseth says Barnes took her to his home and raped her on his living room couch. Barnes found out about the child six years later, and pursued custody. Abelseth pressed charges against Barnes in 2015, but since then no investigation has taken place. And also, now the teen girl sad her father has assaulted her. Joining Nancy Grace Today: Sarah Ford - Legal Director, South Carolina Victim Assistance Network, SCvanLegal.org, Former Prosecutor focusing on Crimes Against Women and Children, Facebook: "SCVAN Legal Services Program" Adjunct Professor, Claflin University & South Carolina State University, Dr. Mindy B. Mechanic - Professor of Psychology (Emeritus) at California State University Fullerton, Forensic Psychologist Focusing on Trauma/victimization, Intimate Partner Violence, Sexual Assault and Stalking Dr. Monte Miller - Director, Forensic DNA Experts LLC, Specialist in Sexual Assaults and Murder, Former Forensic Scientist for Texas Dept. of Public Safety State Crime Lab Chris Nakamoto - Chief Investigative Reporter, WBRZ-TV, Facebook: "Chris Nakamoto WBRZ", Twitter: @ChrisNakamoto See omnystudio.com/listener for privacy information.
Life gets busy. Has Thinking, Fast and Slow been gathering dust on your bookshelf? Instead, pick up the key ideas now. We're scratching the surface here. If you don't already have the book, order it https://geni.us/thinking-fast-book (here) or get thehttps://geni.us/slow-free-audiobook ( audiobook for free) on Amazon to learn the juicy details. --- Get the PDF, full text, and animated versions of this analysis and summary in our free top-ranking app: https://go.getstoryshots.com/free (https://go.getstoryshots.com/free) Daniel Kahneman's Perspectivehttps://geni.us/daniel-kahneman-bio (Daniel Kahneman) is Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, the Eugene Higgins Professor of Psychology Emeritus at Princeton University, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. Dr. Kahneman is a member of the National Academy of Science, the Philosophical Society, and the American Academy of Arts and Sciences. He is also a fellow of the American Psychological Association, the American Psychological Society, the Society of Experimental Psychologists, and the Econometric Society. In 2015, The Economist listed him as the seventh most influential economist in the world. In 2002, Kahneman was also awarded a Nobel Prize in Economic Sciences. Introductionhttps://geni.us/slow-free-audiobook (Thinking, Fast and Slow) provides an outline of the two most common approaches our brains utilize. Like a computer, our brain is built of systems. System 1 is fast, intuitive, and emotional. Daniel Kahneman encourages us to move away from our reliance on this system. System 1 is the most common source of mistakes and stagnation. In comparison, system 2 is a slower, more deliberate, and logical thought process. Kahneman recommends tapping into this system more frequently. As well as this advice, Kahneman provides guidance on how and why we make our decisions. StoryShot #1: System 1 Is InnateThere are two systems associated with our thought processes. For each system, Kahneman outlines the primary functions and the decision making processes associated with each system. System 1 includes all capabilities that are innate and generally shared with similar creatures within the animal kingdom. For example, each of us is born with an innate ability to recognize objects, orient our attention to important stimuli, and fear things linked to death or disease. System 1 also deals with mental activities that have become near-innate by becoming faster and more automatic. These activities generally move into system 1 because of prolonged practice. Certain pieces of knowledge will be automatic for you. For example, you do not even have to think about what the capital of England is. Over time, you have built an automatic association with the question, ‘What is the capital of England?' As well as intuitive knowledge, system 1 also deals with learned skills, such as reading a book, riding a bike and how to act in common social situations. There are also certain actions that are generally in system 1 but can also fall into system 2. This overlap occurs if you are making a deliberate effort to engage with that action. For example, chewing will generally fall into system 1. That said, suppose you become aware that you should be chewing your food more than you had been. In that case, some of your chewing behaviors will be shifted into the effortful system 2. Attention is often associated with both systems 1 and 2. They work in tandem. For example, system 1 will be driving your immediate involuntary reaction to a loud sound. Your system 2 will then take over and offer voluntary attention to this sound and logical reasoning about the sound's cause. System 1 is a filter by which you interpret your experiences. It is the system you use for making intuitive decisions. So, it is undoubtedly the oldest brain system as it is evolutionarily primitive....
DANIEL KAHNEMAN (https://www.edge.org/memberbio/daniel_kahneman) is Eugene Higgins Professor of Psychology Emeritus, Princeton University, author of Thinking, Fast and Slow, and co-author (with Cass R. Sunstein and Olivier Sibony) of Noise. He is the winner of the 2013 Presidential Medal of Honor, and the recipient of the 2002 Nobel Prize in Economic Sciences. The Conversation: https://www.edge.org/conversation/daniel_kahneman-adversarial-collaboration
A Maryland teen shows up at the door of TikTok star Ava Majury with a loaded shotgun and the intent to use it. 18-year-old Eric Rohan Justin of Maryland arrives at the Majury home at 4 am and blasts a hole through the front door. Justin has been following 15-year-old Majury for months, hounding her for pictures, even paying friends for info. As the weeks progress, the requests for "explicit content" grow. Majury blocks Justin. When he arrives at her doorstep, Ava's father, a retired policeman, shoots and kills the stalker. Joining Nancy Grace Today: Dan Ellis - Attorney, Herman Law (New York and Florida) Specializing in victims sexual abuse and harassment, Hermanlaw.com, Instagram: @Dan_Ellis_Esq, Dr. Mindy B. Mechanic- Professor of Psychology (Emeritus) at California State University Fullerton, Forensic Psychologist Focusing on Trauma/victimization, Intimate Partner Violence, Sexual Assault and Stalking Joe Scott Morgan - Professor of Forensics: Jacksonville State University, Author, "Blood Beneath My Feet", Host: "Body Bags with Joseph Scott Morgan" Charlie Lankston - FeMail Editor, DailyMail.com, Twitter/Instagram:@charlielanks Titania Jordan - Chief Parent Officer, Bark Parental Controls, Author: "Parenting In A Tech World", www.Bark.us, Instagram/Twitter: @TitaniaJordan Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Richard Nisbett is one of the world's most respected psychologists. His work focuses on issues in social psychology and cognitive science. Richard is also the Theodore M. Newcomb Distinguished University Professor of Psychology Emeritus at the University of Michigan.Richard's most recent book is Thinking: A memoir.Read more about Richard at his website: richardnisbett.com.Support the Show - Become a Patron!Help us grow and become a Patron today: https://www.patreon.com/smartpeoplepodcastSponsors:Organifi - Treat yourself to amazing health and try it today for 20% of the entire purchase! Go to organifi.com/SMARTLinkedIn - Get a $100 advertising credit toward your first LinkedIn campaign. Go to linkedin.com/smart.Donate:Donate here to support the show!
Daniel Kahneman is Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, the Eugene Higgins Professor of Psychology Emeritus at Princeton University, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. Dr. Kahneman has held the position of professor of psychology at the Hebrew University in Jerusalem (1970-1978), the University of British Columbia (1978-1986), and the University of California, Berkeley (1986-1994). Dr. Kahneman is a member of the National Academy of Science, the Philosophical Society, the American Academy of Arts and Sciences and a fellow of the American Psychological Association, the American Psychological Society, the Society of Experimental Psychologists, and the Econometric Society. He has been the recipient of many awards, among them the Distinguished Scientific Contribution Award of the American Psychological Association (1982) and the Grawemeyer Prize (2002), both jointly with Amos Tversky, the Warren Medal of the Society of Experimental Psychologists (1995), the Hilgard Award for Career Contributions to General Psychology (1995), the Nobel Prize in Economic Sciences (2002), the Lifetime Contribution Award of the American Psychological Association (2007), and the Presidential Medal of Freedom (2013). Dr. Kahneman holds honorary degrees from numerous Universities.
Read the full transcript here. How can we apply the theory of measurement accuracy to human judgments? How can cognitive biases affect both the bias term and the noise term in measurement error? How much noise should we expect in judgments of various kinds? Is there reason to think that machines will eventually make better decisions than humans in all domains? How does machine decision-making differ (if at all) from human decision-making? In what domains should we work to reduce variance in decision-making? If machines learn use human decisions as training data, then to what extent will human biases become "baked into" machine decisions? And can such biases be compensated for? Are there any domains where human judgment will always be preferable to machine judgment? What does the "fragile families" study tell us about the limits of predicting life outcomes? What does good decision "hygiene" look like? Why do people focus more on bias than noise when trying to reduce error? To what extent can people improve their decision-making abilities? How can we recognize good ideas when we have them? Humans aren't fully rational, but are they irrational?Daniel Kahneman is Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, the Eugene Higgins Professor of Psychology Emeritus at Princeton University, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. Dr. Kahneman has held the position of professor of psychology at the Hebrew University in Jerusalem (1970-1978), the University of British Columbia (1978-1986), and the University of California, Berkeley (1986-1994). He is a member of the National Academy of Science, the Philosophical Society, the American Academy of Arts and Sciences, and is a fellow of the American Psychological Association, the American Psychological Society, the Society of Experimental Psychologists, and the Econometric Society. He has been the recipient of many awards, among them the Distinguished Scientific Contribution Award of the American Psychological Association (1982) and the Grawemeyer Prize (2002), both jointly with Amos Tversky, the Warren Medal of the Society of Experimental Psychologists (1995), the Hilgard Award for Career Contributions to General Psychology (1995), the Nobel Prize in Economic Sciences (2002), the Lifetime Contribution Award of the American Psychological Association (2007), and the Presidential Medal of Freedom (2013). He holds honorary degrees from numerous universities. Find out more about him here.Here's the link to the Thought Saver deck that accompanies this episode: https://app.thoughtsaver.com/embed/JGXcbe19e1?start=1&end=17 [Read more]
Read the full transcriptHow can we apply the theory of measurement accuracy to human judgments? How can cognitive biases affect both the bias term and the noise term in measurement error? How much noise should we expect in judgments of various kinds? Is there reason to think that machines will eventually make better decisions than humans in all domains? How does machine decision-making differ (if at all) from human decision-making? In what domains should we work to reduce variance in decision-making? If machines learn use human decisions as training data, then to what extent will human biases become "baked into" machine decisions? And can such biases be compensated for? Are there any domains where human judgment will always be preferable to machine judgment? What does the "fragile families" study tell us about the limits of predicting life outcomes? What does good decision "hygiene" look like? Why do people focus more on bias than noise when trying to reduce error? To what extent can people improve their decision-making abilities? How can we recognize good ideas when we have them? Humans aren't fully rational, but are they irrational?Daniel Kahneman is Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, the Eugene Higgins Professor of Psychology Emeritus at Princeton University, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. Dr. Kahneman has held the position of professor of psychology at the Hebrew University in Jerusalem (1970-1978), the University of British Columbia (1978-1986), and the University of California, Berkeley (1986-1994). He is a member of the National Academy of Science, the Philosophical Society, the American Academy of Arts and Sciences, and is a fellow of the American Psychological Association, the American Psychological Society, the Society of Experimental Psychologists, and the Econometric Society. He has been the recipient of many awards, among them the Distinguished Scientific Contribution Award of the American Psychological Association (1982) and the Grawemeyer Prize (2002), both jointly with Amos Tversky, the Warren Medal of the Society of Experimental Psychologists (1995), the Hilgard Award for Career Contributions to General Psychology (1995), the Nobel Prize in Economic Sciences (2002), the Lifetime Contribution Award of the American Psychological Association (2007), and the Presidential Medal of Freedom (2013). He holds honorary degrees from numerous universities. Find out more about him here.Here's the link to the Thought Saver deck that accompanies this episode: https://app.thoughtsaver.com/embed/JGXcbe19e1?start=1&end=17
How can we apply the theory of measurement accuracy to human judgments? How can cognitive biases affect both the bias term and the noise term in measurement error? How much noise should we expect in judgments of various kinds? Is there reason to think that machines will eventually make better decisions than humans in all domains? How does machine decision-making differ (if at all) from human decision-making? In what domains should we work to reduce variance in decision-making? If machines learn use human decisions as training data, then to what extent will human biases become "baked into" machine decisions? And can such biases be compensated for? Are there any domains where human judgment will always be preferable to machine judgment? What does the "fragile families" study tell us about the limits of predicting life outcomes? What does good decision "hygiene" look like? Why do people focus more on bias than noise when trying to reduce error? To what extent can people improve their decision-making abilities? How can we recognize good ideas when we have them? Humans aren't fully rational, but are they irrational?Daniel Kahneman is Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, the Eugene Higgins Professor of Psychology Emeritus at Princeton University, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. Dr. Kahneman has held the position of professor of psychology at the Hebrew University in Jerusalem (1970-1978), the University of British Columbia (1978-1986), and the University of California, Berkeley (1986-1994). He is a member of the National Academy of Science, the Philosophical Society, the American Academy of Arts and Sciences, and is a fellow of the American Psychological Association, the American Psychological Society, the Society of Experimental Psychologists, and the Econometric Society. He has been the recipient of many awards, among them the Distinguished Scientific Contribution Award of the American Psychological Association (1982) and the Grawemeyer Prize (2002), both jointly with Amos Tversky, the Warren Medal of the Society of Experimental Psychologists (1995), the Hilgard Award for Career Contributions to General Psychology (1995), the Nobel Prize in Economic Sciences (2002), the Lifetime Contribution Award of the American Psychological Association (2007), and the Presidential Medal of Freedom (2013). He holds honorary degrees from numerous universities. Find out more about him here.Here's the link to the Thought Saver deck that accompanies this episode: https://app.thoughtsaver.com/embed/JGXcbe19e1?start=1&end=17
How can we apply the theory of measurement accuracy to human judgments? How can cognitive biases affect both the bias term and the noise term in measurement error? How much noise should we expect in judgments of various kinds? Is there reason to think that machines will eventually make better decisions than humans in all domains? How does machine decision-making differ (if at all) from human decision-making? In what domains should we work to reduce variance in decision-making? If machines learn use human decisions as training data, then to what extent will human biases become "baked into" machine decisions? And can such biases be compensated for? Are there any domains where human judgment will always be preferable to machine judgment? What does the "fragile families" study tell us about the limits of predicting life outcomes? What does good decision "hygiene" look like? Why do people focus more on bias than noise when trying to reduce error? To what extent can people improve their decision-making abilities? How can we recognize good ideas when we have them? Humans aren't fully rational, but are they irrational? Daniel Kahneman is Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, the Eugene Higgins Professor of Psychology Emeritus at Princeton University, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. Dr. Kahneman has held the position of professor of psychology at the Hebrew University in Jerusalem (1970-1978), the University of British Columbia (1978-1986), and the University of California, Berkeley (1986-1994). He is a member of the National Academy of Science, the Philosophical Society, the American Academy of Arts and Sciences, and is a fellow of the American Psychological Association, the American Psychological Society, the Society of Experimental Psychologists, and the Econometric Society. He has been the recipient of many awards, among them the Distinguished Scientific Contribution Award of the American Psychological Association (1982) and the Grawemeyer Prize (2002), both jointly with Amos Tversky, the Warren Medal of the Society of Experimental Psychologists (1995), the Hilgard Award for Career Contributions to General Psychology (1995), the Nobel Prize in Economic Sciences (2002), the Lifetime Contribution Award of the American Psychological Association (2007), and the Presidential Medal of Freedom (2013). He holds honorary degrees from numerous universities. Find out more about him here.
------------------Support the channel------------ Patreon: https://www.patreon.com/thedissenter PayPal: paypal.me/thedissenter PayPal Subscription 1 Dollar: https://tinyurl.com/yb3acuuy PayPal Subscription 3 Dollars: https://tinyurl.com/ybn6bg9l PayPal Subscription 5 Dollars: https://tinyurl.com/ycmr9gpz PayPal Subscription 10 Dollars: https://tinyurl.com/y9r3fc9m PayPal Subscription 20 Dollars: https://tinyurl.com/y95uvkao ------------------Follow me on--------------------- Facebook: https://www.facebook.com/thedissenteryt/ Twitter: https://twitter.com/TheDissenterYT This show is sponsored by Enlites, Learning & Development done differently. Check the website here: http://enlites.com/ Dr. David P. Barash is Professor of Psychology Emeritus at the University of Washington. He has written, edited or co-authored 40 books, including ones on human aggression, peace studies, and the sexual behavior of animals and people. His books include “Homo Mysterious – Evolutionary Puzzles of Human Nature”, “Buddhist Biology: Ancient Eastern Wisdom Meets Modern Western Science”, “Approaches to Peace: A Reader in Peace Studies”, and “Through a Glass Brightly: using science to see our species as we really are”. His most recent book is “Threats: Intimidation and Its Discontents”. In this episode, we focus on Threats. We start by talking about threats from an evolutionary perspective, and the kinds of behaviors and even human institutions that derive from how we evolved to process threats. We discuss deterrence behavior more specifically. In the second part of the interview, we talk about nuclear deterrence, the several issues and limitations with the theory behind it, and also demilitarization in Costa Rica. -- A HUGE THANK YOU TO MY PATRONS/SUPPORTERS: KARIN LIETZCKE, ANN BLANCHETTE, PER HELGE LARSEN, LAU GUERREIRO, JERRY MULLER, HANS FREDRIK SUNDE, BERNARDO SEIXAS, HERBERT GINTIS, RUTGER VOS, RICARDO VLADIMIRO, CRAIG HEALY, OLAF ALEX, PHILIP KURIAN, JONATHAN VISSER, JAKOB KLINKBY, ADAM KESSEL, MATTHEW WHITINGBIRD, ARNAUD WOLFF, TIM HOLLOSY, HENRIK AHLENIUS, JOHN CONNORS, PAULINA BARREN, FILIP FORS CONNOLLY, DAN DEMETRIOU, ROBERT WINDHAGER, RUI INACIO, ARTHUR KOH, ZOOP, MARCO NEVES, COLIN HOLBROOK, SUSAN PINKER, THOMAS TRUMBLE, PABLO SANTURBANO, SIMON COLUMBUS, PHIL KAVANAGH, JORGE ESPINHA, CORY CLARK, MARK BLYTH, ROBERTO INGUANZO, MIKKEL STORMYR, ERIC NEURMANN, SAMUEL ANDREEFF, FRANCIS FORDE, TIAGO NUNES, BERNARD HUGUENEY, ALEXANDER DANNBAUER, OMARI HICKSON, FERGAL CUSSEN, YEVHEN BODRENKO, HAL HERZOG, NUNO MACHADO, DON ROSS, JONATHAN LEIBRANT, JOÃO LINHARES, OZLEM BULUT, NATHAN NGUYEN, STANTON T, SAMUEL CORREA, ERIK HAINES, MARK SMITH, J.W., JOÃO EIRA, TOM HUMMEL, SARDUS FRANCE, DAVID SLOAN WILSON, YACILA DEZA-ARAUJO, IDAN SOLON, ROMAIN ROCH, DMITRY GRIGORYEV, TOM ROTH, DIEGO LONDOÑO CORREA, YANICK PUNTER, ADANER USMANI, CHARLOTTE BLEASE, MIRAN B, NICOLE BARBARO, ADAM HUNT, PAWEL OSTASZEWSKI, MAX BEILBY, AL ORTIZ, NELLEKE BAK, KATHRINE AND PATRICK TOBIN, GUY MADISON, AND GARY G HELLMANN! A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE, JIM FRANK, ŁUKASZ STAFINIAK, IAN GILLIGAN, SERGIU CODREANU, LUIS CAYETANO, TOM VANEGDOM, CURTIS DIXON, BENEDIKT MUELLER, VEGA GIDEY, AND NIRUBAN BALACHANDRAN! AND TO MY EXECUTIVE PRODUCERS, MICHAL RUSIECKI, ROSEY, JAMES PRATT, AND MATTHEW LAVENDER!
The classic economic theory embedded in western democracies holds an assumption that human beings will almost always behave rationally in the end and make logical choices that will keep our society balanced on the whole. Daniel Kahneman is the psychologist who won the Nobel Prize in Economics for showing that this is simply not true. There’s something sobering — but also helpfully grounding — in speaking with this brilliant and humane scholar who explains why none of us is an equation that computes. As surely as we breathe, we will contradict ourselves and confound each other.Daniel Kahneman received the Nobel Prize in Economics in 2002. He’s best known for his book, Thinking, Fast and Slow and is now releasing a new book, Noise: A Flaw in Human Judgment, written with Olivier Sibony and Cass R. Sunstein. He’s the Eugene Higgins Professor of Psychology Emeritus at Princeton University, Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem.This interview is edited and produced with music and other features in the On Being episode "Daniel Kahneman — Why We Contradict Ourselves and Confound Each Other." Find the transcript for that show at onbeing.org.
The classic economic theory embedded in western democracies holds an assumption that human beings will almost always behave rationally in the end and make logical choices that will keep our society balanced on the whole. Daniel Kahneman is the psychologist who won the Nobel Prize in Economics for showing that this is simply not true. There’s something sobering — but also helpfully grounding — in speaking with this brilliant and humane scholar who explains why none of us is an equation that computes. As surely as we breathe, we will contradict ourselves and confound each other.Daniel Kahneman received the Nobel Prize in Economics in 2002. He’s best known for his book, Thinking, Fast and Slow and is now releasing a new book, Noise: A Flaw in Human Judgment, written with Olivier Sibony and Cass R. Sunstein. He’s the Eugene Higgins Professor of Psychology Emeritus at Princeton University, Professor of Psychology and Public Affairs Emeritus at the Princeton School of Public and International Affairs, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem.Find the transcript for this show at onbeing.org.This show originally aired on October 5, 2017.
------------------Support the channel------------ Patreon: https://www.patreon.com/thedissenter SubscribeStar: https://www.subscribestar.com/the-dissenter PayPal: paypal.me/thedissenter PayPal Subscription 1 Dollar: https://tinyurl.com/yb3acuuy PayPal Subscription 3 Dollars: https://tinyurl.com/ybn6bg9l PayPal Subscription 5 Dollars: https://tinyurl.com/ycmr9gpz PayPal Subscription 10 Dollars: https://tinyurl.com/y9r3fc9m PayPal Subscription 20 Dollars: https://tinyurl.com/y95uvkao ------------------Follow me on--------------------- Facebook: https://www.facebook.com/thedissenteryt/ Twitter: https://twitter.com/TheDissenterYT Anchor (podcast): https://anchor.fm/thedissenter Dr. Jerome Kagan is Professor of Psychology Emeritus at Harvard University. Professor Kagan's research, on the cognitive and emotional development of a child during the first decade of life, focuses on the origins of temperament. He has tracked the development of inhibited and uninhibited children from infancy to adolescence. Dr. Kagan's research indicates that shyness and other temperamental differences in adults and children have both environmental and genetic influences. A shy adult is more likely to have been high-reactive (fearful) in infancy and childhood than their bold and sociable counterparts, who were most likely low-reactive. He has served on the National Institute of Mental Health and on the National Research Council. His books include Galen's Prophecy: Temperament in Human Nature and Three Seductive Ideas. In this episode, we focus mostly on the study of temperament. We talk about what temperament is, what temperamental traits are, and the reactivity trait. We also distinguish between feelings and emotions, and how emotions are culturally constructed. We discuss the relationship between temperament, feelings, moods, worldviews, and personality traits. Dr. Kagan explains why the second year of life is so important in human development, and the kinds of traits that distinguish us from other primates – inference, language, morality, and self-consciousness. Finally, we talk about how the words we use for emotions might contaminate psychological research, how to improve the ways we study feelings, and how culture influences emotions. -- Follow Dr. Kagan's work: Faculty page: http://bit.ly/2kjxKNc ResearchGate profile: http://bit.ly/2Jflarq Amazon page: https://amzn.to/2lyDB1g -- A HUGE THANK YOU TO MY PATRONS/SUPPORTERS: KARIN LIETZCKE, ANN BLANCHETTE, SCIMED, PER HELGE HAAKSTD LARSEN, LAU GUERREIRO, RUI BELEZA, ANTÓNIO CUNHA, CHANTEL GELINAS, JERRY MULLER, FRANCIS FORDE, HANS FREDRIK SUNDE, YEVHEN BODRENKO, SERGIU CODREANU, ADAM BJERRE, AIRES ALMEIDA, BERNARDO SEIXAS, HERBERT GINTIS, RUTGER VOS, RICARDO VLADIMIRO, BO WINEGARD, VEGA GIDEY, CRAIG HEALY, OLAF ALEX, PHILIP KURIAN, JONATHAN VISSER, DAVID DIAS, ANJAN KATTA, JAKOB KLINKBY, ADAM KESSEL, MATTHEW WHITINGBIRD, ARNAUD WOLFF, TIM HOLLOSY, HENRIK AHLENIUS, AND JOHN CONNORS! A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE, ROSEY, AND JIM FRANK, AND ŁUKASZ STAFINIAK! AND TO MY EXECUTIVE PRODUCER, MICHAL RUSIECKI!
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 is a 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 is also the author of 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. 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.Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.(0919-9CT3)
------------------Support the channel------------ Patreon: https://www.patreon.com/thedissenter SubscribeStar: https://www.subscribestar.com/the-dissenter PayPal: paypal.me/thedissenter PayPal Subscription 1 Dollar: https://tinyurl.com/yb3acuuy PayPal Subscription 3 Dollars: https://tinyurl.com/ybn6bg9l PayPal Subscription 5 Dollars: https://tinyurl.com/ycmr9gpz PayPal Subscription 10 Dollars: https://tinyurl.com/y9r3fc9m PayPal Subscription 20 Dollars: https://tinyurl.com/y95uvkao ------------------Follow me on--------------------- Facebook: https://www.facebook.com/thedissenteryt/ Twitter: https://twitter.com/TheDissenterYT Anchor (podcast): https://anchor.fm/thedissenter Dr. David P. Barash is Professor of Psychology Emeritus at the University of Washington. He has written, edited or co-authored 40 books, including ones on human aggression, peace studies, and the sexual behavior of animals and people. He is a fellow of the American Association for the Advancement of Science, and has been the recipient of several honors. His books include “Homo Mysterious – Evolutionary Puzzles of Human Nature”, “Buddhist Biology: Ancient Eastern Wisdom Meets Modern Western Science”, “Approaches to Peace: A Reader in Peace Studies”, and “Through a Glass Brightly: using science to see our species as we really are”. In this episode, we talk about some aspects of human sexuality and behavior that have yet to be properly accounted for from an evolutionary perspective, including concealed ovulation, mating systems (polygamy and monogamy), homosexuality and consciousness. -- Follow Dr. Barash's work: Website: https://dpbarash.com/ Articles on Researchgate: https://bit.ly/2VYUxyt Books on Amazon: https://amzn.to/2VTiWFL Relevant books: Homo Mysterious: https://amzn.to/2vOJ45X Through a Glass Brightly: https://amzn.to/2VhpJVc -- A HUGE THANK YOU TO MY PATRONS: KARIN LIETZCKE, ANN BLANCHETTE, SCIMED, PER HELGE HAAKSTD LARSEN, LAU GUERREIRO, RUI BELEZA, MIGUEL ESTRADA, ANTÓNIO CUNHA, CHANTEL GELINAS, JIM FRANK, JERRY MULLER, FRANCIS FORD, HANS FREDRIK SUNDE, BRIAN RIVERA, ADRIANO ANDRADE, YEVHEN BODRENKO, SERGIU CODREANU, ADAM BJERRE, ŁUKASZ STAFINIAK, AIRES ALMEIDA, BERNARDO SEIXAS, AND HERBERT GINTIS! A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE and ROSEY!
Today’s conversation is with one of the finest intellectual investors and academic at heart, Michael Mauboussin. Michael is the Director of Research at BlueMountain Capital Management in New York and was formerly the Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. While rising to the top in his corporate career, Michael authored three books, including my favorite, More Than You Know: Finding Financial Wisdom in Unconventional Places, which was named one of the best business books by Businessweek and which features prominently in today’s show. Michael has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. He is also Chairman of the Board of Trustees of the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory. On this episode, Michael and I talk about the early epiphany he had that set him on the path to Chief U.S. Investment Strategist, the importance of teaching value investing alongside psychology, the main contributors to investment bias, the importance of cognitive diversity, the top three techniques you can use to mitigate against bias in your investment processes, and so much more! Key Topics: The epiphany Michael had from reading Creating Shareholder Value early in his Wall Street career (3:32) Why we should teach value investing in a way that includes both finance and psychology (5:38) How Michael’s focus on strategy and valuation issues helped him move from food analyst to Chief U.S. Investment Strategist at Credit Suisse (7:02) Why analyzing the investment process has been an underlying theme throughout Michael’s career (7:30) The three aspects to consider when examining how biases get incorporated into market valuations (9:54) The effect of market structure on the incorporation of biases (11:45) The conditions which have to be in place for the wisdom of crowds to operate efficiently (12:13) Why market prices don’t directly reflect information (14:05) The impact of financial institutions on the workings of the economy at large (16:04) Why cognitive diversity leads to better decision-making for complex issues (17:33) Applying the Diversity Prediction Theorem (18:47) What the Asch experiment teaches us about biased decision-making (22:07) The surprising neurological findings behind the results of the Asch experiment (24:56) Value investing means being a contrarian and a calculator (26:52) The difference between experience and expertise (28:36) How technology has led to “the expert squeeze” (31:17) Our thoughts on the future of machine-learning versus human judgment for investment decision-making (34:15) The important difference between outcome and process (36:25) Why you should audit your processes as an investor, even when you’re doing well (38:10) Using a base rate to incorporate an outside view into your investment decisions (40:52) How a pre-mortem helps you to identify bias and weaknesses by triggering the interpreter in your brain (43:57) Applying red teaming to investment process analysis and decision-making (46:28) Translating the margin of safety into decision processes (47:30) The types of scenarios which are well-suited to routinizing (51:24) Michael’s thoughts on passive investing (53:12) And much more! Mentioned in this Episode: Michael Mauboussin’s Website Michael Mauboussin’s Books BlueMountain Capital Management Alfred Rappaport’s Book | Creating Shareholder Value: A Guide for Managers and Investors Journal Articles: Franklin Allen | Do Financial Institutions Matter? Solomon E. Asch | Opinions and Social Pressure Sanford J. Grossman and Joseph E. Stiglitz | On the Impossibility of Informationally Efficient Markets Scott Page, Leonid Hurwicz Collegiate Professor of Complex Systems, Political Science, and Economics, The University of Michigan Daniel Kahneman, Professor of Psychology and Public Affairs Emeritus at the Woodrow Wilson School, the Eugene Higgins Professor of Psychology Emeritus at Princeton University Michael Gazzaniga, Director of the SAGE Center for the Study of Mind at the University of California, Santa Barbara Benjamin Graham’s Book | The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
Sam Harris speaks with Daniel Kahneman at the Beacon Theatre in NYC. They discuss the replication crisis in science, System 1 and System 2, where intuitions reliably fail, expert intuitions, the power of framing, moral illusions, anticipated regret, the asymmetry between threats and opportunities, the utility of worrying, removing obstacles to wanted behaviors, the remembering self vs the experiencing self, improving the quality of gossip, and other topics. Daniel Kahneman is Eugene Higgins Professor of Psychology Emeritus at Princeton University and Professor of Psychology and Public Affairs Emeritus at Princeton’s Woodrow Wilson School of Public and International Affairs. He received the 2002 Nobel Prize in Economic Sciences for his pioneering work with Amos Tversky on decision-making. His most recent book is Thinking Fast and Slow.
With his book “Thinking, Fast and Slow,” Daniel Kahneman emerged as one of the most intriguing voices on the complexity of human thought and behavior. He is a psychologist who won the Nobel Prize in economics for helping to create the field of behavioral economics — and is a self-described “constant worrier.” It’s fun, helpful, and more than a little unnerving to apply his insights into why we think and act the way we do in this moment of social and political tumult. Daniel Kahneman is best known for his book “Thinking, Fast and Slow.” He’s the Eugene Higgins Professor of Psychology Emeritus at Princeton University, professor of psychology and public affairs emeritus at Princeton’s Woodrow Wilson School, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. This interview is edited and produced with music and other features in the On Being episode “Daniel Kahneman — Why We Contradict Ourselves and Confound Each Other.” Find more at onbeing.org.
With his book “Thinking, Fast and Slow,” Daniel Kahneman emerged as one of the most intriguing voices on the complexity of human thought and behavior. He is a psychologist who won the Nobel Prize in economics for helping to create the field of behavioral economics — and is a self-described “constant worrier.” It’s fun, helpful, and more than a little unnerving to apply his insights into why we think and act the way we do in this moment of social and political tumult. Daniel Kahneman is best known for his book “Thinking, Fast and Slow.” He’s the Eugene Higgins Professor of Psychology Emeritus at Princeton University, professor of psychology and public affairs emeritus at Princeton’s Woodrow Wilson School, and a fellow of the Center for Rationality at the Hebrew University in Jerusalem. Find the transcript for this show at onbeing.org.
MOLLY CROCKETT (https://www.edge.org/memberbio/molly_crockett) is an associate professor of experimental psychology, fellow of Jesus College, and distinguished research fellow at the Oxford Centre for Neuroethics, University of Oxford. DANIEL KAHNEMAN (https://www.edge.org/memberbio/daniel_kahneman) is the recipient of the Nobel Prize in Economics (2002), and the Presidential Medal of Freedom (2013). He is the Eugene Higgins Professor of Psychology Emeritus, Princeton, and author of Thinking, Fast and Slow. The Conversation: https://www.edge.org/conversation/mollycrockett-danielkahneman-deontology-or-trustworthiness
JOSHUA KNOBE (https://www.edge.org/memberbio/joshua_knobe) is an experimental philosopher and professor of philosophy and cognitive science at Yale University. DANIEL KAHNEMAN (https://www.edge.org/memberbio/daniel_kahneman) is the recipient of the Nobel Prize in Economics (2002), and the Presidential Medal of Freedom (2013). He is the Eugene Higgins Professor of Psychology Emeritus, Princeton, and author of Thinking Fast and Slow. The Conversation: https://www.edge.org/conversation/joshuaknobe-danielkahneman-a-characteristic-difference
YUVAL NOAH HARARI (https://www.edge.org/memberbio/yuval_noah_harari), Lecturer, Department of History, Hebrew University of Jerusalem, is the author of Sapiens: A Brief History of Humankind. DANIEL KAHNEMAN (https://www.edge.org/memberbio/daniel_kahneman) is the recipient of the Nobel Prize in Economics, 2002 and the Presidential Medal of Freedom, 2013. He is the Eugene Higgins Professor of Psychology Emeritus, Princeton, and author of Thinking, Fast and Slow. The Conversation: https://www.edge.org/conversation/yuvalnoahharari-daniel_kahneman-death-is-optional