In this video, we will talk about the two systems of thinking: System 1 and System 2. Imagine you are the first person in the world, walking with your child, and you see a lion. You don't know what a lion is, and you move forward to let your child play with it, but the lion eats your child. You go home feeling sad, but then you impregnate your wife again, and after five years, you and your new child go out again and see a lion. This time you hide with your child, and the lion goes away, and you both survive. As you continue your walk, a bird flies over, and your child dies for no apparent reason. You go home, impregnate your wife again, and promise yourself that you will hide your new child from the lion and any flying bird.
There are two ways to think about this story. Both decisions you made were based on fast and automatic thinking, which is System 1 thinking. This thinking is illogical and often leads to mistakes. If you had used your slow and logical thinking, you would have thought correctly about the lion, but there was no connection between the bird flying and your child's death.
The takeaway from this story is that we need to understand the value of both System 1 and System 2 thinking. System 1 thinking has many benefits, and we owe our survival to it. However, problems arise when we need to use System 2 thinking, but we rely on System 1 thinking. This leads us to biases and fallacies that are not accurate.
An example of this is the assumption that a bird flying over you will cause your child's death. If we had listened carefully to the sound of the bird, we might not be alive today. The anchoring effect is another example of this. We anchor our thoughts based on the information we receive. In a study, one group was asked if the height of the tallest redwood tree was more or less than 1200 feet. Another group was asked if it was more or less than 180 feet. The first group's average guess was 844 feet, and the second group's average guess was only 282 feet.
This video will explore the concepts of System 1 and System 2 thinking, how they affect our decision-making processes, and how we can use this knowledge to our advantage. We will discuss examples of anchoring, cost ignorance, and how we can avoid biases and fallacies in our everyday lives.
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