Tuesday, August 7, 2012

Slow thinking anyone?

I recently wrote a piece for MacShaw a new online mag for Macdonald Shaw produced by The Royals. I wrote about the Nobel laureate Daniel Kahneman and his brilliant book Thinking, fast and slow. He explores two difference decisionmaking speeds, fast and slow, and the benefits of understanding the risks of always trusting your gut. Read the full article here.
Kahneman’s tips to turn on your “slow thinking” capabilities:
  • Learn to recognize situations in which errors are likely. Slow down the decision-making process and bring in logic, reflection and reasoning.
  • It’s easier to recognize weak decisions in others. As a leader, encourage others to use their system 2s to assist in decision-making.
  • Be wary of decisions that are made purely based on feelings of liking or disliking something. These biases dominate system 1 thinking. This can be at the expense of deliberation or reasoning.
  • Something that is highly salient in your mind does not mean it is or should be a high priority. It is just something easily retrieved from memory.
  • A telltale symptom that the decision is a poor one, for Kahneman, is over confidence.
  • Accept that you have biases (just like everyone else) that can disrupt effective decision-making.
  • Understand that humans overvalue their own opinions, instincts and judgements.
  • Feeling over confident or “certain” does not equate to good decision-making
  • Remember that fast thinking is not prone to doubt, be careful of the desire to suppress alternatives.

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