Thinking, Fast and Slow

By: Daniel Kahneman

Narrated by: Patrick Egan

The guru to the gurus at last shares his knowledge with the rest of us. Nobel laureate Daniel Kahneman's seminal studies in behavioral psychology, behavioral economics, and happiness studies have influenced numerous other authors, including Steven Pinker and Malcolm Gladwell. In Thinking, Fast and Slow, Kahneman at last offers his own, first book for the general public. It is a lucid and enlightening summary of his life's work. It will change the way you think about thinking.

Two systems drive the way we think and make choices, Kahneman explains: System One is fast, intuitive, and emotional; System Two is slower, more deliberative, and more logical. Examining how both systems function within the mind, Kahneman exposes the extraordinary capabilities as well as the biases of fast thinking and the pervasive influence of intuitive impressions on our thoughts and our choices. Engaging the reader in a lively conversation about how we think, he shows where we can trust our intuitions and how we can tap into the benefits of slow thinking, contrasting the two-system view of the mind with the standard model of the rational economic agent.

Kahneman's singularly influential work has transformed cognitive psychology and launched the new fields of behavioral economics and happiness studies. In this path-breaking book, Kahneman shows how the mind works, and offers practical and enlightening insights into how choices are made in both our business and personal lives - and how we can guard against the mental glitches that often get us into trouble.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2011 Daniel Kahneman (P)2011 Random House Audio

Critic reviews

“A tour de force... Kahneman’s book is a must read for anyone interested in either human behavior or investing. He clearly shows that while we like to think of ourselves as rational in our decision making, the truth is we are subject to many biases. At least being aware of them will give you a better chance of avoiding them, or at least making fewer of them.” (Larry Swedroe, CBS News)

“A major intellectual event... The work of Kahneman and Tversky was a crucial pivot point in the way we see ourselves.” (David Brooks, The New York Times)

“[Thinking, Fast and Slow] is wonderful, of course. To anyone with the slightest interest in the workings of his own mind, it is so rich and fascinating that any summary would seem absurd.” (Michael Lewis, Vanity Fair)

Refers to hardcopy

Overall this is a great piece because you will pick up something new each time you listen to it. But it makes reference to the PDF files attached. This isn't going to help while driving or doing chores.

I had the same problem with Wiseman's "59 seconds" but I solved that with getting a hard copy.

Some good stuff

By the time I got to part four (3/4 of the way through this book) I was ready to give this book a dismal review, but then it got to the good stuff (worthy of the author's Nobel prise). That part describes Prospect Theory. Prospect Theory is far from perfect, but is much better that the historical alternatives. This book is well worth reading and understanding for this section, but this section does not translate to audible very well. There is a PDF available, but it is short and the section on Prospect Theory has so many detailed numerical examples, it is difficult to understand without seeing the tables of options while they are being discussed.

The rest of the book is fine in audible format after reviewing the PDF but it varies from passable to detrimental. Much of the rest of the book is about psychological effects that have been somewhat discredited since this book was written. Although priming and anchoring effects likely exist, they are minor effects and later studies have been unable to repeat some of the early studies relied on in this book.

The author also reframes experimental results to firm and surprising statements about "You", personally. This is because the author believes you will learn what he presents as facts better if they are both surprising and applied to you in a personal way. Unfortunately this is not what experiments actually show. It is unlikely you were personally involved in the research. The research generally shows a statistically significant, but small, effect, under some conditions, for a minority of subjects. It certainly does not apply widely, to most people, most of the time. You already know this if you have ever tried to test priming effects on other people. If it works at all, it is unreliable and difficult to detect.

Although there is surely some truth behind the concepts of Thinking System 1 (fast) and System 2 (slow) I generally am suspicious of accepting anything so simple at face value, and the generalizations and characteristics of the two systems described by the author although mildly interesting, were not very useful.

I found myself annoyed at this book much more than most books. There were many references to weak science, over generalizations, and a strange stress on the surprising science (as opposed to science that is useful), Overall I recommend this book in visual form, only for the excellent section on Prospect Theory.

Awareness of your lazy impulses

Not sure that Kahneman deserved a Nobel Prize for something engineers and scientist have been doing since the 1600's. BUT, since investing and politics and social "science" have not been the domain of the engineers and scientists, this is a worthy topic to explore.

Basically, awareness of limitations to Intuition. Quant trading is eating the world, the cowboy traders are now dinosaurs. This is happening. In manufacturing, we operate with processes. You cannot be world class in manufacturing without processes. The processes are meant to control "intuitive" impulses and to run by slower, deeper thinking.

Great Overview and utility

Highly recommend for those interested in applied behavioral economics and psychology, especially for someone not in the field.

Not my cup of tea

not all best sellers are fun read. i'm sure many enjoy this book but I couldn't bring myself to complete this one

Perfect

One of the best books ever written! Life-changing! Clear language, very productive examples. Recommended.

Must read book.

this is a must read book. A completely surprising way to understand how we think, and how we make decisions. it should be teached at schools.

Everyone Should Read This Book!

There are so many nuggets of wisdom and understanding in this book! It is helpful in understanding how we frame ideas, questions, and decisions and how the framing influences the results.

I had to listen more than once

It’s not because it was hard to follow. Rather, it’s a tall, refreshing glass of lemonade of which you will ask for seconds. Daniel Kahneman immerses you into his informative life’s work to bring a immense amount of insight on decision making in a way that is enjoyable and easy to understand.

(Avoid doing multi-digit multiplication while attempting to merge onto a busy highway)

Enjoy!

Great Israeli scientist, great teacher

What did you like about this audiobook?

Eyes opening, educating. Useful insight into the way our mind works. Learning to avoid common, natural mistakes. Understanding our 2 systems and when to consciously use the second one to think end decide correctly.

How has the book increased your interest in the subject matter?

You gain practical understanding from every chapter.

Do you have any additional comments?

Must read!