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Going Beyond System 1/2 - The Many Flavours and Layers of Decision-Making Psychology

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Going beyond System 1/2 - the many flavours and layers of decision-making psychology

1/2 theory is not the only perspective on decision making - there are several differing views in the behavioural science community, each with slightly different assumptions about human nature.

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

The basic premise of the influential nudge approach is the concept of bounded rationality - that human beings are fallible, poorly informed as well as suffering from myopia, inertia and self-control issues

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

heuristics and biases program (H&B) has uncovered a lot of systematic violations of reasoning and decision making which have led to a loose consensus that humans have innate cognitive limitations which lead us to instinctively rely on heuristics - and occasionally bias us to make predictable error, at least compared to the rational homo economicus benchmark.

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

core idea of nudging: that the policy makers could leverage people’s cognitive and motivational inadequacies as a way to steering them to better decisions for their own long-term welfare - ones that are aligned with their ultimate goals

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

heuristics and biases was criticized early on in the 80s as the “psychology of first impressions” and that there is more to human decision making and problem solving than their first response in a given situation.

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

early persuasion models: the heuristic-systematic model and the elaboration-likelihood model (ELM), both of which broadly propose that information is processed more systematically only if it is highly relevant or the listener is highly motivated.

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

Contrary to what many people think, Kahneman did not come up with System 1/2 and in Thinking Fast & Slow he credits it to Stanovich and West

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

whenever you see people attributing S1/2 to Kahneman, you should be skeptical of their depth of knowledge (although it would be accurate to say he popularised the terms).

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

fast and frugal heuristics (F&F) school studied which simple heuristics people use to make decisions and how good those decisions ultimately were

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology

heuristics as design features of the mind - things that mostly get us to the right answer as quickly as efficiently as possible, but occasionally lead us down the wrong path.

https://www.squarepeginsight.com/post/the-many-flavours-of-decision-making-psychology