[ARCHIVES] An Interview With Dr. Daniel Kahneman

An Interview With Dr. Daniel Kahneman by Morgan Housel, Motley Fool

Dr. Daniel Kahneman, winner of the 2002 Nobel Prize in economics, joins us to discuss his book, Thinking, Fast and Slow, and how different systems of thought can affect our judgment when making decisions.

In this interview we look at hindsight bias, unjustified optimism in the financial industry, and why you should think of your brain like a newsroom publishing a daily paper. A full transcript follows the video.

Morgan Housel: We’re very lucky today to have Dr. Daniel Kahneman with us. He is a psychologist from Princeton University. He’s the author of the book Thinking, Fast and Slow. He’s been called “one of the most influential psychologists since Sigmund Freud.” He won the Nobel Prize in Economics in 2002. Please welcome Dr. Daniel Kahneman.

………….

Daniel Kahneman: Well, nothing happened immediately but I found that very surprising, actually, because the economics building was next door. I was at Hebrew University, Jerusalem, and we had one building and the economists were next door. I learned from that one sentence something I hadn’t known before; that they sort of lived in a different intellectual world than we did.

For a psychologist it’s obvious that people are not fully rational, and that they’re not selfish, and that their tastes change. It was just a collection of statements that seemed almost absurd. I had no idea, at that stage, that a lot of my career would be dedicated to that conversation. That sort of happened almost by accident, later.

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