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Thinking Fast and Slow - Book Review
The scholarly and well-researched book, 'Thinking Fast and Slow' is authored by Daniel Kahneman, who is a recipient of the Nobel Prize in economic sciences. The book is being hailed as path-breaking on the psychology of judgement and decision-making which is the outcome of his profound research.

WRITTEN IN the format of a psychodrama, the book describes two systems that influence our thinking and choice making. The system-1 is fast, intuitive, and emotional, while system-2 is rather slow, deliberate and logical. The book highlights several decades of academic research to suggest that we place too much confidence in human judgment. The book also explores the relationship between intuition and statistical thinking.

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Kahneman while talking about pervasive influence of intuitive behaviour in decision making,  describes its shortfalls too. On the other hand, the system-2 can be developed through systematic learning and practice.

This 512-page book, divided into five parts, describes profusely how the two systems of judgement can be understood and made to work together to our advantage in both professional and personal lives. The five parts of the book are titled as: Two Systems; Heuristics and Biases; Overconfidence; Choices; and Frames and Reality.

According to the author, as we navigate our lives, we normally allow ourselves to be guided by impressions and feelings, and the confidence we have in our intuitive beliefs and preferences is usually justified but not always. We are often confident even when we are wrong, and an objective observer is more likely to detect our errors than we are. And, the book tries to make readers objective about themselves.

It is a good book for managers, business people, and professionals as well as for people who wish to self-develop themselves consciously. This book seems to represent the current understanding of judgement and decision-making, which has been shaped by psychological discoveries of recent decades.

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