8. Cognition: How Do You Think? (audio only) | Summary and Q&A

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September 18, 2023
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8. Cognition: How Do You Think? (audio only)

TL;DR

People often make irrational decisions due to cognitive biases, such as framing effects, base rate neglect, and risk aversion.

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Questions & Answers

Q: Why do people often make decisions based on narrative thought rather than logical reasoning?

Narrative thought, which involves personal experiences and emotions, is more intuitive and easier to process than propositional thought. It allows individuals to make quick judgments rather than engaging in complex calculations.

Q: What is the base rate fallacy?

The base rate fallacy is the tendency of people to ignore the base rate or the prior probability of an event when making judgments about the occurrence of that event. People often focus on specific details or stereotypes, leading to inaccurate judgments.

Q: How does the framing effect influence decision-making?

The framing effect occurs when people's choices are influenced by the way information is presented. The same information can be framed in positive or negative ways, resulting in different decisions. Individuals tend to be risk-averse when presented with a potential gain and risk-seeking when presented with a potential loss.

Q: What is the role of emotional responses in decision-making?

Emotional responses can heavily influence decision-making, often overriding rational reasoning. People are more likely to make decisions based on fear or pleasure rather than on objective analysis. This can result in biased or irrational choices.

Summary & Key Takeaways

  • Kahneman and Tversky's research shows that human reasoning often deviates from rationality and is influenced by cognitive biases.

  • People tend to rely on narrative thought rather than propositional thought, leading to decision-making based on intuitive judgments and heuristics.

  • The base rate fallacy and the framing effect show that people often ignore statistical probabilities and make decisions based on the way information is presented.

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