This excerpts from Daniel Kahneman's Thinking, Fast and Slow, exploring the two cognitive systems—System
1. Fast and intuitive, and System
2. Slow and deliberative—that drive human judgment and decision-making.
Kahneman details cognitive biases like the availability heuristic (overestimating easily recalled events) and anchoring bias (over-reliance on initial information). He also examines the interplay between experienced utility (moment-to-moment happiness) and remembered utility (overall memory of an experience), highlighting how these often diverge, leading to flawed choices. Finally, the text discusses the planning fallacy, the tendency to underestimate project timelines and costs, and offers methods for improving prediction accuracy.
