Exploring how our minds operate through two systems: System 1, which is fast, intuitive, and often relies on heuristics, and System 2, which is slower, more deliberate, and analytical. The source illustrates various cognitive biases that arise from System 1's shortcuts, such as the availability heuristic, where easily recalled information is perceived as more frequent, and representativeness, where similarity to a stereotype influences judgments. It highlights how these biases can lead to predictable errors in decision-making, especially regarding probability, risk, and statistical reasoning, even for experts. The text also discusses the concept of ego depletion, suggesting that System 2's effortful control is a limited resource, and introduces prospect theory, which explains how people evaluate gains and losses relative to a reference point, often exhibiting loss aversion and being influenced by framing effects. Finally, it touches on the illusion of skill, the limitations of expert intuition in unpredictable environments, and the distinction between the experiencing self and the remembering self.
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