Fast And Slow By Daniel Kahneman

When you think of societal importance, we tend to think of how something will affect the social order of society. After reading all three of the books, it was challenging to choose just one of them to write about. Each one played its own part of significance from women’s rights, to economic tragedy, and exploring the universe. Considering all three of these books were well crafted, THE BIG SHORT by Michael Lewis reflects a template of our community. By showing what can happen if we continue to let the financial system run wild, then showing how it will impact us as an economy like it did in 2008. Two main factors that can be taken away from the reading are: Economy and the way of living.

This paper on Salvation is defining both objectively and subjectively from the two required reading text. The first text is written by Alistair McGrath’s “Theology: The Basics and the second is written by Dr. Yung Chul Han’s “Transforming Power: Dimension of the Gospel. I will describe how the both texts are in association as well as seeking observations, and other conclusions to gain a better understanding of salvation from both perspectives. According to (Mc.Grath, p.78), the word salvation is referred to as something that has already happened in the past, to something that will happen in the future. Spiritual transformation requires of us what is called dependent responsibility. All the moral commands and exhortations of scripture assume our responsibility. Salvation is deliverance from danger or suffering. The word salvation carries the idea of victory, health, or preservation (www.biblia.com). Salvation can be viewed as a spiritual transformation which the dependency of the Holy Spirit assist in the change of a believers past, self to a vessel of God in the present lives which exemplifies life, deliverance, peace, and a victory won through personal conviction. The victory is one that only Jesus Christ has authority save us which gives believers complete approval to have possession to enter the kingdom of heaven.

Christopher states how people tend to rely on their intuition, he believes that this often

Human memories aren’t as much shaped by their experiences as they are by their expectations and reflection on experiences. The basis of Kahneman’s talk can be boiled down to the point that happiness and memories can be altered based on the conditions a person is under and that the experiencing self and the remembering self are in a sort of battle with one another, with the relationship between them being the experiencing self being the cause, and the remembering being the effect. Happiness is always thought to be variable from person to person, but the underlying reasons why people feel the emotion is universal.

We learn new things every day from the day we are born. We learn how to tie a shoe, how to boil an egg, and how to cook dinner in the microwave while face timing our parents while cleaning the kitchen. This may not be rocket science and it may not be a correct way to do things but the point is, it doesn’t take that long to learn how to get the hang of these things. In the video, "The First 20 Hours - How to Learn Anything” by Josh Kaufman, he states that to learn something new takes approximately twenty hours. On the other hand, it takes over 10,000 hours to master something. Kaufman is correct for many reasons; Learning the basics of a topic, not mastering it does not take long. It applies to anything from math to cooking, to riding a scooter.

“The best we can do is a compromise:” states Kahneman “learn to recognize situations in which mistakes are likely and try harder to avoid significant mistakes when the stakes are high” (142-143). An Israeli-American psychologist and professor, David Kahneman, was born in Tel Aviv in 1934. He and his family were Jewish and lived in continuous fear of persecution during the Nazi occupation of France from 1940-1944. He received his bachelor’s degree in 1954 and moved to the United States in 1958 to work towards his Ph.D. in psychology. His theories on people’s decision making during uncertain situations earned him the Nobel Memorial Prize in Economics in 2002. Kahneman’s work argues that the two cognitive systems illustrate that the human mind

The Interactive Oral presentation on the life of Primo Levi helped me grasp the concept of how the rise and fall of the Nazi empire affected Levi’s life as well as distinguish the cultural and contextual consideration of the book. Beginning with Levi’s unfortunate childhood; we learn that he is a very small and weak child, thus he got sick often. Because of his fragile body and being the only jew in school; Levi was often bullied. During his years in school, Levi excelled at academics and the subject he was most interested in was chemistry. After reading Concerning The Nature Of Things by Sir William Bragg, Levi decided to become a chemist. As a child Primo was forced by his father to partake in the Fascist Militia, to prevent him from being

As a recipient of many prestigious awards, including a Nobel Prize, psychologist Daniel Kahneman has worked rigorously for nearly 45 years to advance the way in which we understand human cognitive processes. Kahneman and his longtime colleague, Amos Tversky, began working together in the 1970s and almost immediately made an impact within the fields of psychology and behavioral economics. These contributions centered around the notion of human irrationality, or the basis we subconsciously use to make decisions each day. Beginning with their discovery of human decision making heuristics and biases, Kahneman and Tversky went on to uncover many intuitive theories that helped evolve the field of behavioral economics into what it is today. Of

Speaker Thomas Friedman speaks at MIT, which is a private research university in Cambridge, Massachusetts. “He is an American journalist specializing in foreign affairs, global trade, the Middle East, globalization, and environmental issues. “ (Daniel H. Pink) He is talking about the basis of what the book is about and how he understood this new phenomenon. The book is titled “The World Is Flat”. This title refers to “the global economic playing field being leveled.” This is a tremendous achievement that all started with Christopher Columbus discovering North America in 1492. This was the first development of the globalization of the world, which today has taken over economies all over the world. This advancement of technology has led to “accidently making Beijing, Bangalore and Bethesda next-door neighbors”. Mr. Friedman then references in chapter one of his book about all of the encounters he had in India that led him to the conclusion, “The World Is Flat”.

In Thinking, Fast and Slow, Daniel Kahneman depicts the two very different but harmonious thinking systems of our brains. They are conveniently labeled System 1 and System 2. System 1 is responsible for quick and instinctive thinking and decisions whereas system 2 is much more methodological and slow. An important aspect of both is attention – while one system hardly uses any (consciously), the other monopolizes it. I believe attention is an important feature of thinking, and psychology in general, since it is essential to everyday functioning and holds a central role in development. Early on in development, the system most used is System 1, and the use of System 2 is greatly increased and improved with age.

According to the Efficient Market Hypothesis, competition will instantaneously cause the effects of new information to be reflected in actual share prices. This assumption presupposes that the participants in a market act rationally. The concept of the homo economicus has a long-standing history in economics and is a relevant premise of efficient markets. According to the founder of economic thought, Adam Smith, the homo economicus is human who constantly peruses self-interest while always acting rational to reach his subjectively defined ends (Coase, 1994). At times, psychologists joined this discussion and challenged the concept of the economic man. Among the most prominent researchers who question the rationality in human decision making is Daniel Kahneman. Kahneman challenged the rationality in decision making processes and is one of the founders of behavioral economics. Behavioral economists argue that markets are not perfectly efficient because various cognitive biases in humans (HBR, 2015). Among the most prominent cognitive biases that influence stock prices are the Overconfidence Hypothesis and the Disposition Effect.

Kahneman and Tversky did an experiment on two different framed choices, one desirable the other undesirable. At the end of the study the sum of the undesirable dominated the sum of the desirable choices resulting in a reversal of preference of the decision (Bazerman,Moore 86). The preference of the people in the experiment was dealing with money and of course, the people wanted to take the proposition of gaining more money; but they were deciding on the decision that was not as profitable. The action of making judgments under uncertainty is a major key in causing cognitive road blocks in a preferable decision-making outcome. It is better to make risky decisions in situations that are more subdue rather than larger important decisions that need a careful planned out strategy to stray from biases that will affect a successful decision-making

Economists have long known people aren’t the tidy, rational, utility maximizing non-cooperators that they’re modeled as in neoclassical economics. For this reason, the early behavioral economic literature was concerned with modifying existing models to better reflect psychological factors (e.g. Kahneman & Tversky, 1979). Most people, for example, do not follow Bayesian statistics in situations under risk, and so prospect theory serves as a useful addition when modelling loss aversion. Thus the assumptions underlying Homo economicus can be interpreted as a pragmatic choice that allows economists to make simplifying approximations appropriate for the problem under review. This notion, that economists are conscious of the empirical limitations of their models, suggests that Homo economicus can and should serve only as a preliminary step towards more sophisticated representations of real-life decision making. If it’s understood that the assumptions underlying the models are at best useful approximations, then perhaps the issue is with the breadth of application rather than the models themselves.

The presence of commonalities in human information processing has emerged from decades of research into widespread use of decision heuristics by individuals. Tversky & Kahneman (1986) demonstrated how individuals violate normative decision rules by employing decision heuristics (e.g. representativeness, availability, and anchoring) to solve complex problems. These cognitive aspects of decision making play a primary role in the investment selection decision process when weighing up the benefits and costs from choice. These cognitive biases that arise have been oft ignored by researchers in favour of the expected utility theory (Von Neuman & Morgenstern 1994). This study discusses a key cognitive bias in loss aversion and how it is expressed in financial decision making through the disposition effect. Additionally the difficulties of measuring and the research direction towards developing a predictive disposition index.

At the poetry event, Lawrence Joseph Read “That Too” and “Unyieldingly Present” from his book called “Into It” and “Variations on Variations on a Theme”, which is on his latest book “Before Our Eyes.” Throughout the readings Lawrence Joseph used the same deep, calm tone which worked for some readings, but not all. When he read his poems, there were certain scenes and imagery that either suited his tone or sounded like he lacked interest. All of the poems contained concrete images with some having real landmarks that were significant to him and when they were read aloud, specific words had more emphasis and meaning.