Thinking, Fast and Slow

mind-and-cognition

• WYSIATI — what you see is all there is. System 1 is radically insensitive to both the quality and quantity of information giving rise to impressions.

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• System 1 is inept when faced with 'merely statistical' facts; a random event does not lend itself to explanation, but collections of random events behave in a highly regular fashion.

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self-and-identity

• Individuals who uncritically follow their intuitions are also impulsive, impatient, and keen to receive immediate gratification.

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• The mind is good with stories — life evaluated as a narrative whole, not a sum of experienced moments, shapes what we call a good life.

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ambition-and-status

• Altruistic punishment of strangers who behave unfairly is accompanied by increased activity in the pleasure centers of the brain.

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• Much is at stake in the debate between the Chicago school and behavioral economists who reject the extreme rational-agent model.

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