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Thinking Fast And Slow

by Alan Schoonmaker |  Published: Nov 08, 2017

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You’re not as rational, unbiased, or unemotional as you think you are. Who says so? Dr. Daniel Kahneman, and he received a Nobel Prize in Economics for his research with Amos Twersky. Since no other Ph.D. psychologist received the top award for economics, you should take him very seriously. He reports his own and other psychologists’ research in Thinking Fast And Slow. That research proves that the classical economists’ most basic premise is just plain wrong. For centuries economists have insisted that we are rational decision-makers who unemotionally and objectively evaluate all our alternatives and select the one that maximizes our utility. A similar premise dominates the poker literature. Nearly all authors essentially and perhaps unconsciously assume that, if people just learned how they should play, they would automatically play well. Since most players in casinos lose, their basic premise is obviously wrong, but they haven’t changed it. Pick up ...


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