Thinking, Fast and Slow

Key Insights from "Thinking, Fast and Slow"

1. Our mind operates using two different systems, System 1 (fast and intuitive) and System 2 (slow and deliberate).
2. The Anchoring Effect: We rely too heavily on the first piece of information (the "anchor") when making decisions.
3. Overconfidence: We often overestimate our abilities and the accuracy of our beliefs.
4. Availability Heuristic: We judge the probability of events by how quickly examples come to mind.
5. Loss Aversion: We feel the pain of losing more acutely than the pleasure of gaining.
6. Endowment Effect: Once we own something, we value it more than before we owned...

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