How intuition and bias shape choices in psychology of decision making

Psychology of decision making is the study of how people choose beliefs or actions from possible alternatives, based on assumptions about values, preferences, and beliefs. This path helps readers understand the thinking involved in making choices and how people reason about them.

2 articles, 1 video, 1 book · about 51 min of reading and viewing

The reading path

1. Read
   psychology of decision making · Wikipedia · 38 min read

   Psychologist Daniel Kahneman theorizes that decision-making results from an interplay between an automatic intuitive system, "System 1," and an effortful rational system, "System 2." System 1 is fast and implicit, while System 2 is slow and explicit. Decision fatigue occurs when a sizable amount of decision-making leads to a decline in decision-making skills. Impulsive decisions are made more often when a person is tired of analysis, linking decision fatigue to choices made by acting rather than thinking. Analysis paralysis is when people get stuck going over information again and again for fear of making the wrong decision.

2. Read
   

   The Biases of the Biases - 3 Quarks Daily · 3 Quarks Daily · 10 min read

   Loss aversion is when losing something hurts roughly twice as much as gaining it feels good. When patients were offered surgery framed as having a 90% survival rate, they chose it; when it was framed as having a 10% mortality rate, they hesitated.

3. Watch
   

   This is the biggest decision-making mistake | Barnaby Marsh | Big Think · YouTube · 3 min watch

   Barnaby Marsh, an expert on risk-taking, explains why decision makers need adequate information and must consider context and possible outcomes. He argues that failing to update and reframe knowledge as environments change is a major decision-making mistake, highlighting how people's judgments can be affected by outdated expertise.

4. Book
   

   Thinking, Fast and Slow · Bookshop.org

   Thinking, Fast and Slow is a 2011 popular science book by the Israeli-American psychologist Daniel Kahneman. Its main thesis is a differentiation between two modes of thought: "System 1" is fast, instinctive and emotional; "System 2" is slower, more deliberative, and more logical.

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