How do you think?

Making Sense of Common Sense

The extensive report Mind, Society and Behavior (link is external), recently published by the World Bank, includes a wealth of information for behavioral science experts, practitioners and policy makers. The paper’s conceptual framework is divided into three sections: ‘Thinking automatically’, ‘Thinking socially’ and ‘Thinking with mental models’. The concept of ‘thinking automatically’ has been popularized by Daniel Kahneman’s application of a dual system model to behavioral economics in the book Thinking, Fast and Slow. Whether it’s about the effects of framing (link is external), anchoring (link is external) or sunk costs (link is external), the distinction between automatic System 1 versus reflective System 2 (link is external) thinking is a useful model to explain biases that sometimes result from our thought processes. ….[READ]

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