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    • Daniel Kahneman's Impact on Economics as a PsychologistDaniel Kahneman, a psychologist, revolutionized economics by introducing psychological insights into decision-making, earning him a Nobel Prize. Shop Blue Nile for high-quality lab-grown diamonds and 1-800-Flowers for a one-stop-gift-shop with rewards and free shipping.

      Daniel Kahneman, a psychologist, made significant contributions to economics despite not being an economist himself. His groundbreaking work, conducted with longtime collaborator Amos Tversky, focused on understanding how the human mind processes information and makes decisions. Kahneman's influence on social sciences, particularly in the areas of judgment, happiness perception, and probability assessment, has been immense. Additionally, the podcast discussed the importance of shopping sites like Blue Nile and 1-800-Flowers for gift-giving. Blue Nile offers high-quality lab-grown diamonds, while 1-800-Flowers provides a one-stop-shop for gifts with free shipping and rewards. Daniel Kahneman's work, which earned him a Nobel Memorial Prize in Economics, challenged traditional economic theories by emphasizing the role of psychology in decision-making. His best-selling book, "Thinking, Fast and Slow," further solidified his influence in the field. For those looking to enhance their gift-giving experience, Blue Nile's lab-grown diamonds, available with a $50 discount using promo code "listen," and 1-800-Flowers' wide selection of gifts with free shipping and rewards are excellent resources.

    • The Human Mind's Two Systems for Processing InformationDaniel Kahneman discovered the human mind operates with two systems: an intuitive, quick System 1 and a more deliberate, thoughtful System 2. People often make mistakes or exhibit biases when using System 1 for quick judgments, despite being aware of them.

      Daniel Kahneman, a renowned psychologist, discovered the human mind operates with two systems for processing information: an intuitive, quick system and a more deliberate, thoughtful one. This finding, which is often compared to how our visual system perceives optical illusions, has significantly influenced economics, as Nobel Prize-winning economist Richard Thaler built upon Kahneman's work. Kahneman's most famous idea is the existence of these two cognitive systems, System 1 (intuitive) and System 2 (deliberate). People often make predictable mistakes or exhibit biases when using System 1 for quick judgments, even when these mistakes are pointed out. An example of this is when people are asked to estimate the level of education a woman named Julie will receive based on the fact that she could read fluently at age 4. Despite knowing the question is biased, many people assume she will earn a PhD due to their intuitive perception of her intelligence. This discovery has profound implications for understanding human decision-making and behavior.

    • Assumptions based on weak evidence are unreliableEvaluate base rates and sufficient evidence before making assumptions, as our intuition can be misleading and overlook likely outcomes

      Making assumptions based on weak evidence, such as a child's precociousness at a young age, is not a reliable way to predict future outcomes, like the type of degree they may earn. Instead, it's important to consider the base rate or likelihood of the outcome, and evaluate if the evidence received is sufficient to deviate significantly from that probability. People often overlook the most likely outcome and fail to consider other relevant factors and unknown information, making it challenging to think about statistics properly. Daniel Kahneman, a renowned psychologist and economist, emphasizes this point in his influential book "Thinking, Fast and Slow." He also explores the counterintuitive nature of how we experience and evaluate happiness, which can differ significantly from our experiences in the moment. For instance, we might love a concert but feel it's ruined by a ringing phone, but in hindsight, the overall experience might still have been enjoyable.

    • The impact of endings on memories and evaluationsEndings can significantly influence our memory and evaluation of experiences, even if they didn't affect us at the moment. Unexpected endings, whether positive or negative, can alter our hindsight perception.

      The way an experience ends can significantly impact our memory and evaluation of it, even if the ending itself may not have affected our experience at the moment. This concept was discussed using the example of a ruined concert ending and a colonoscopy study. The ruined concert ending did not ruin the experience itself, but it did ruin the memory and how it was later evaluated. Similarly, in the colonoscopy study, patients who had the procedure ended unexpectedly had a more positive hindsight evaluation of the experience, despite the added discomfort at the time. These findings highlight the importance of recognizing the impact of endings on our memories and evaluations, and how counterintuitive these effects can be. Daniel Kahneman, the economist and psychologist behind these discoveries, has left a significant impact on our understanding of human behavior and decision-making.

    • Interview with Nobel Prize-winning psychologist Daniel KahnemanDaniel Kahneman's insights leave a lasting impression, inspiring the question 'What would Danny say?' or 'What would Danny do?' in decision-making.

      Learning from the interview with Nobel Prize-winning psychologist Daniel Kahneman is that he leaves a lasting impression. Kahneman is not only charming but also unpredictable, making him a thought leader whose ideas resonate deeply when making decisions in life. Despite his humility, the interviewer finds herself frequently asking, "What would Danny say?" or "What would Danny do?" This contrasts with other interviewed economists. Kahneman found the interviewer's admiration absurd but remained gracious. The interview will be available in the podcast feed for those interested in learning more from Kahneman. Additionally, 1800flowers.com offers a wide range of high-quality gift options for various occasions, and Quince provides luxury goods at affordable prices with ethical manufacturing.

    Recent Episodes from More or Less: Behind the Stats

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    How a tick box doubled the US maternal mortality rates.

    he US has been portrayed as in the grip of a maternal mortality crisis. In contrast to most other developed nations, the rate of maternal deaths in the US has been going up since the early 2000s.

    But why? With the help of Saloni Dattani, a researcher at Our World in Data, Tim Harford explores how a gradual change in the way the data was gathered lies at the heart of the problem.

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    Worse mortgages, better readers, and potholes on the moon

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    Tim Harford investigates some of the numbers in the news.

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    Shakespeare’s maths

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    AWilliam Shakespeare might well rank as the most influential writer in the English language. But it seems he also had a knack for numbers.

    Rob Eastaway, author of Much Ado about Numbers, tells Tim Harford about the simple maths that brings Shakespeare’s work to life.

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    Leaflets, taxes, oil workers and classrooms

    Leaflets, taxes, oil workers and classrooms

    What’s going on with the dodgy bar charts that political parties put on constituency campaign leaflets?

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    Why medical error is not the third leading cause of death in the US

    Why medical error is not the third leading cause of death in the US

    The claim that medical error is the third leading cause of death in the US has been zooming around the internet for years.

    This would mean that only heart disease and cancer killed more people than the very people trying to treat these diseases.

    But there are good reasons to be suspicious about the claim.

    Professor Mary Dixon-Woods, director of The Healthcare Improvement Studies Institute, or THIS Institute, at Cambridge University, explains what’s going on.

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    Data for India

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    UK growth, prisons and Swiftonomics

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    Prime Minister Rishi Sunak has said that the UK economy is growing faster than Germany, France and the US, while Labour says the typical household in the UK is worse off by £5,883 since 2019. Are these claims fair? We give some needed context.

    Net migration has fallen - we talk to someone who predicted it would - Dr Madeleine Sumption, director of the Migration Observatory at the University of Oxford.

    Is Taylor Swift about to add £1 bn to the British economy as some media outlets have claimed? The answer is ‘No’.

    Why are our prisons full? We ask Cassia Rowland from the Institute for Government.

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    Related Episodes

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    Sam Harris speaks with Daniel Kahneman at the Beacon Theatre in NYC. They discuss the replication crisis in science, System 1 and System 2, where intuitions reliably fail, expert intuitions, the power of framing, moral illusions, anticipated regret, the asymmetry between threats and opportunities, the utility of worrying, removing obstacles to wanted behaviors, the remembering self vs the experiencing self, improving the quality of gossip, and other topics.

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    Best of Series: A Remarkable Life, Fast and Slow With Daniel Kahneman

    Best of Series: A Remarkable Life, Fast and Slow With Daniel Kahneman

    In this week's episode of The Psychology Podcast, we continue the "Best of Series" with Nobel Prize winner Daniel Kahneman.Our conversation revolves around judgment and decision-making. According to Kahneman, noise and bias are everywhere but we don't tend to notice it. We talk about how to reduce noise and bias, and what it means to think fast and slow.

    See omnystudio.com/listener for privacy information.

    Only as Bad as it’s Ever Been: PJ O’Rourke on American Values, Politics and Culture

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    This week we’re dusting off a favorite Point of Inquiry episode from three years ago: Josh Zepps' conversation with P.J. O'Rourke – humorist, cultural commentator and bestselling author of sixteen books. Originally broadcast in December of 2013, this episode's subject matter is remarkably relevant for this current political and cultural moment, as we prepare for the presidency of a man whose campaign was based on the promise to return America to a golden age that really never existed.

    O’Rourke is an early proponent of "gonzo journalism" and is a self described libertarian, he’s served as editor-in-chief of National Lampoon, and has spent 20 years reporting for Rolling Stone and The Atlantic as the worlds only "trouble spot humorist" going to wars, riots, rebellions, and other "Holidays in Hell" in more than 40 countries. O'Rourke is the H.L. Mencken Research Fellow at the Cato Institute and a frequent panelist on National Public Radio's game show Wait Wait... Don't Tell Me!

    In this episode they discuss everything from abortion and privacy, to the party following the fall of the Berlin Wall, to the looting of the Baghdad Museum. They discuss American values both of individualism and the fundamental shared American mentality of dissatisfaction, and that things are never good enough. The same dissatisfaction that often has us yearning for the "good ol’ days" is also the American quality that propels us forward, hungry for a better life, and unwilling to settle.

    Breaking the Bias: How Unconscious Beliefs Can Sabotage Your Marketing and Business Success

    Breaking the Bias: How Unconscious Beliefs Can Sabotage Your Marketing and Business Success

    Bias and beliefs can greatly impact the success of a marketing and business strategy. Here are some ways in which they can mess up your marketing and business:

    1. Limited audience appeal: Holding onto a certain belief or bias can lead to marketing campaigns that only appeal to a small segment of the population. This limits the potential customer base and could result in lost revenue.

    2. Missed market opportunities: Bias and beliefs can cause individuals to overlook new and emerging market trends. By failing to adapt to changes in the market, businesses risk missing out on valuable opportunities for growth and expansion.

    3. Stereotyping: Biased beliefs about certain demographics can lead to the creation of stereotypes in marketing campaigns. This can be offensive to the targeted group and damage the reputation of the business.

    4. Decreased diversity: Bias and beliefs can lead to a lack of diversity in the workforce and in marketing campaigns. This can negatively impact the company's image and alienate potential customers who feel excluded or underrepresented.

    5. Inaccurate market research: Biased beliefs can skew market research and lead to incorrect conclusions about consumer behavior and preferences. This can result in ineffective marketing strategies and missed opportunities for growth.

    It's important for businesses to recognize and address any biases and beliefs that may be affecting their marketing and business strategies. By doing so, companies can create campaigns that are inclusive, appealing to a wider audience, and ultimately more successful.

    Please go to www.abqpodcast.com where you can get show notes, resources, and links to everything we talked about today to help you navigate your journey as an entrepreneur and business owner in ABQ. Follow me on Instagram at @abqjasonrigby  or Twitter at @abqjasonrigby also sign up for our email list where I drop business & marketing secrets to help your ABQ Business!