Thinking, Fast and SlowMarch 7th, 2014
Posted by Henry Jacobson, Bear Hug Poker
Thinking, Fast and Slow is a book authored by Prof. Daniel Kahneman, a noted psychologist. In his book, Prof. Kahneman explores areas relating to the human pyche that have many applicable uses in the field of competitive poker, or for that matter, any activity that requires “System 1″ (“Fast Thinking”) or “System 2″ (“Slow Thinking”) thinking. The usefulness of Prof. Kahneman’s theories where poker is concerned are quite obvious.
Below is a youtube video of a talk Prof. Kahneman gave on the book in Zurich on April 16 of last year. Among other things, Prof. Kahneman focuses on his research in the areas of “Thinking Narrowly”, “Loss Aversion” and “Optimism”. An example of Prof. Kahneman’s research in the area of “Loss Aversion” determined that on average, our aversion to losses vs. wins is approximately 2-to-1. In other words, as an emotional event, it only takes a loss of $100 to generate as much emotional activity as that generated by approximately a $200 win. Simply stated, “Loss Aversion” leads the unaware to make bad decisions.
The book is a great read as well, but this one hour talks provides some of the highlights of Prof. Kahneman’s book and research and is quite insightful.