
I couldn’t
resist.
Lehrer begins with one of those
essay-type S.A.T. questions:
Here’s a simple arithmetic
question: A bat and ball cost a dollar and ten cents. The bat costs a dollar
more than the ball. How much does the ball cost?The vast majority of people respond quickly and confidently, insisting the ball costs ten cents. This answer is both obvious and wrong. (The correct answer is five cents for the ball and a dollar and five cents for the bat.)
While philosophers,
economists, and social scientists had assumed for centuries that human beings
are rational agents... Kahneman ... [has] demonstrated that we’re not nearly as
rational as we like to believe.
When people face an
uncertain situation, they don’t carefully evaluate the information or look up
relevant statistics. Instead, their decisions depend on a long list of mental
shortcuts, which often lead them to make foolish decisions. These shortcuts
aren’t a faster way of doing the math; they’re a way of skipping the math altogether.
Asked about the bat and the ball, we forget our arithmetic lessons and instead
default to the answer that requires the least mental effort.
Ahhh.. .the
“least mental effort.” Now THAT is something I can relate to.

Thinking Fast and Slow,is
the name of Kahneman’s book. I’ll keep reading it. I’m a slow reader – really! But
I will let you know what ITHINK as
fast as I can.
Oh... and keep praying, too! Though the Nobel Economist doesn't mention it, I still recommend it--fast or slow.
Additional
quote of the day: “It is easier to
recognize other people’s mistakes than our own.” – Daniel Kahneman.
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