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Bias, Blindness and How We Truly Think (Part 2): Daniel Kahneman

Bias, Blindness and How We Truly Think (Part 2): Daniel Kahneman | Writing, Research, Applied Thinking and Applied Theory: Solutions with Interesting Implications, Problem Solving, Teaching and Research driven solutions | Scoop.it
In 1738, the Swiss scientist Daniel Bernoulli argued that a gift of 10 ducats has the same utility to someone who already has 100 ducats as a gift of 20 ducats to someone whose current wealth is 200 ducats.
Sharrock's insight:

Theory-Induced Blindness and the introduction to reference points.

Economics Education and models need a face-lift.

 

excerpt: "The mystery is how a conception that is vulnerable to such obvious counterexamples survived for so long. I can explain it only by a weakness of the scholarly mind that I have often observed in myself. I call it theory-induced blindness: Once you have accepted a theory, it is extraordinarily difficult to notice its flaws. As the psychologist Daniel Gilbert has observed, disbelieving is hard work."

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Kahnemann's Prospect Theory: a summary in one graphic

Kahnemann's Prospect Theory: a summary in one graphic | Writing, Research, Applied Thinking and Applied Theory: Solutions with Interesting Implications, Problem Solving, Teaching and Research driven solutions | Scoop.it
Human behaviour isn't that hard to understand if you do the work. And my favourite theory of it involves Cognitive Biases: the core emotionally-led behaviours that drive the decisions we actually m...

Via Emre Erdogan
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Thinking, Fast and Slow - by Daniel Kahneman | Derek Sivers

Derek Sivers's notes for Thinking, Fast and Slow

Sharrock's insight:

Glad to find notes for the book. Great for review and discussions. 

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▶ Is Punishment or Reward More Effective? - YouTube

 

 

The psychologist Daniel Kahneman, winner of the 2002 Nobel prize in economics, pointed out that regression to the mean might explain why rebukes can seem to improve performance, while praise seems to backfire.[8] http://en.wikipedia.org/wiki/Regression_toward_the_mean

 

 

I had the most satisfying Eureka experience of my career while attempting to teach flight instructors that praise is more effective than punishment for promoting skill-learning. When I had finished my enthusiastic speech, one of the most seasoned instructors in the audience raised his hand and made his own short speech, which began by conceding that positive reinforcement might be good for the birds, but went on to deny that it was optimal for flight cadets. He said, “On many occasions I have praised flight cadets for clean execution of some aerobatic maneuver, and in general when they try it again, they do worse. On the other hand, I have often screamed at cadets for bad execution, and in general they do better the next time. So please don’t tell us that reinforcement works and punishment does not, because the opposite is the case.” This was a joyous moment, in which I understood an important truth about the world: because we tend to reward others when they do well and punish them when they do badly, and because there is regression to the mean, it is part of the human condition that we are statistically punished for rewarding others and rewarded for punishing them. I immediately arranged a demonstration in which each participant tossed two coins at a target behind his back, without any feedback. We measured the distances from the target and could see that those who had done best the first time had mostly deteriorated on their second try, and vice versa. But I knew that this demonstration would not undo the effects of lifelong exposure to a perverse contingency.

http://en.wikipedia.org/wiki/Regression_toward_the_mean

Sharrock's insight:

Why do people resist research findings from areas like leadership, education, parenting, and other areas related to psychology and sociology? One reason may result from the confusion between the use and value of controlled experiments and the value of anecdotal evidence. 

 
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Sharrock's curator insight, January 11, 4:49 PM

Why do people resist research findings from areas like leadership, education, parenting, and other areas related to psychology and sociology? One reason may result from the confusion between the use and value of controlled experiments and the value of anecdotal evidence. 

 

Sharrock's curator insight, January 11, 4:50 PM

Why do people resist research findings from areas like leadership, education, parenting, and other areas related to psychology and sociology? One reason may result from the confusion between the use and value of controlled experiments and the value of anecdotal evidence. 

 
Sharrock's curator insight, January 11, 4:50 PM

Why do people resist research findings from areas like leadership, education, parenting, and other areas related to psychology and sociology? One reason may result from the confusion between the use and value of controlled experiments and the value of anecdotal evidence.