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Psychologists at the Gate: A Review of Daniel Kahneman's Thinking, Fast and Slow

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  • Andrei Shleifer

Abstract

The publication of Daniel Kahneman's book, Thinking, Fast and Slow , is a major intellectual event. The book summarizes, but also integrates, the research that Kahneman has done over the past forty years, beginning with his path-breaking work with the late Amos Tversky. The broad theme of this research is that human beings are intuitive thinkers and that human intuition is imperfect, with the result that judgments and choices often deviate substantially from the predictions of normative statistical and economic models. In this review, I discuss some broad ideas and themes of the book, describe some economic applications, and suggest future directions for research that the book points to, especially in decision theory. (JEL A12, D03, D80, D87)

Suggested Citation

  • Andrei Shleifer, 2012. "Psychologists at the Gate: A Review of Daniel Kahneman's Thinking, Fast and Slow," Journal of Economic Literature, American Economic Association, vol. 50(4), pages 1080-1091, December.
  • Handle: RePEc:aea:jeclit:v:50:y:2012:i:4:p:1080-91 Note: DOI: 10.1257/jel.50.4.1080
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    References listed on IDEAS

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    1. Matthew Rabin & Dimitri Vayanos, 2010. "The Gambler's and Hot-Hand Fallacies: Theory and Applications," Review of Economic Studies, Oxford University Press, vol. 77(2), pages 730-778.
    2. Matthew Rabin, 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Econometrica, Econometric Society, pages 1281-1292.
    3. Sendhil Mullainathan & Joshua Schwartzstein & Andrei Shleifer, 2008. "Coarse Thinking and Persuasion," The Quarterly Journal of Economics, Oxford University Press, vol. 123(2), pages 577-619.
    4. Matthew Rabin, 2002. "Inference by Believers in the Law of Small Numbers," The Quarterly Journal of Economics, Oxford University Press, vol. 117(3), pages 775-816.
    5. Sendhil Mullainathan, 2002. "A Memory-Based Model of Bounded Rationality," The Quarterly Journal of Economics, Oxford University Press, vol. 117(3), pages 735-774.
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    Cited by:

    1. Paul Pautler, 2015. "A Brief History of the FTC’s Bureau of Economics: Reports, Mergers, and Information Regulation," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 46(1), pages 59-94, February.
    2. Giovanni Ferri & Matteo Ploner & Matteo Rizzolli, 2016. "Trading Fast and Slow: The Role Of Deliberation In Experimental Financial Markets," CERBE Working Papers wpC07, CERBE Center for Relationship Banking and Economics.
    3. Kelvin Balcombe & Iain Fraser, 2015. "Parametric preference functionals under risk in the gain domain: A Bayesian analysis," Journal of Risk and Uncertainty, Springer, vol. 50(2), pages 161-187, April.
    4. repec:eee:ejores:v:262:y:2017:i:1:p:180-193 is not listed on IDEAS
    5. repec:eee:ecoedu:v:59:y:2017:i:c:p:43-62 is not listed on IDEAS
    6. Hoff, Karla, 2015. "Behavioral economics and social exclusion : can interventions overcome prejudice ?," Policy Research Working Paper Series 7198, The World Bank.

    More about this item

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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