Sharing what I have learned from what I have read: A blog by Joe Abittan
Regret is an interesting emotion and worth deep consideration. It is a System 2 emotion, that is, an emotion we feel when we pause, reflect on our life or actions, and consider the decisions we have or have not made in the past. System 1, the active, fast, and general default mode of our brain … Continue reading Daniel Kahneman on Regret
Every time I pick the wrong line at the grocery store I am reminded of the sunk-cost fallacy. There are times I will be stuck in line, see another line moving more quickly, and debate internally if I should jump to the other line or just wait it out in the line I'm already in. … Continue reading Sunk-Cost Fallacy
Tyler Cowen started his February 28th, 2018 podcast interview with his colleague from George Mason University, Robin Hanson, with the following: "Robin, if politics is not about policy, medicine is not about health, laughter is not about jokes, and food is not about nutrition, what are podcasts not about?" Hanson goes on to … Continue reading Money Isn’t About Economic Security (For Most of Us)
I am trying to remind myself that everyone, myself included, operates on a complex set of ideas, narratives, and beliefs that are sometimes coherent, but often conflicting. When I view my own beliefs, I am tempted to think of myself as rational and realistic. When I think of others who I disagree with, I am … Continue reading Competing Biases
I like to write about the irrational nature of human thinking because it reminds me that I don't have all the answers figured out, and it reminds me that I often make decisions that feel like the best decision in the moment, but likely isn't the best decision if I were to step back to … Continue reading Narrow Framers
I would generally categorize myself as somewhat risk averse, but studies from Daniel Kahneman in Thinking Fast and Slow might suggest that I'm not really any different than anyone else. I might just be responding to the set of circumstances that I typically experience, similar to anyone else, and I might just be more aware … Continue reading Risk Averse and Risk Seeking
"The idea of denominator neglect helps explain why different ways of communicating risks vary so much in their effects," writes Daniel Kahneman in Thinking Fast and Slow. One thing we have seen in 2020 is how difficult it is to communicate and understand risk. Thinking about risk requires thinking statistically, and thinking statistically doesn't … Continue reading Denominator Neglect
I am guilty of not spending enough time planning what to do when things don't work out the way I want. I have written in the past about the importance of planning for failure and adversity, but like many others, I find it hard to do and hard to get myself to sit down and … Continue reading Imagining Success Versus Anticipating Failure
In the wake of terrorism attacks, deadly shootings, or bizarre accidents I often find myself trying to talk down the threat and trying to act as if my daily life shouldn't be changed. I live in Reno, NV, and my city has experienced school shootings while my state experienced the worst mass shooting in the … Continue reading Why Terrorism Works
Daniel Kahneman worked with Amos Tversky to develop many of the concepts that today create the principle of Prospect Theory. Many people are familiar with the psychological and economic principle of Game Theory, and Prospect Theory is a similar psychological and economic theory of how people behave when faced with uncertainty. In his book Thinking … Continue reading Desperate Gambles