Two systems

Question 1

Characteristics of system 1

Answer 1

is automatic, default mode, no effort, no control.

it’s your feelings, gut, impressions, thoughts.

make up stories : associates cause and effects.

Question 2

Characteristics of system 2

Answer 2

busy, usually off, requires effortful computation, attention and capacity.

It has its own limits.

Question 3

2 biases

Answer 3

framing effects: cognitive bias that impacts our decision making when said if different ways (90% fat free vs 10% fat)

overconfidence: being overconfident on active
more confident in their own abilities, such as driving, teaching, or spelling, than is objectively reasonable

Question 4

What was Paul Meehl opinion?

Answer 4

He thinks that simple algorythm outperforms experts

Question 5

why is algorythm better than expert

Answer 5

1) we try to be clever vs keep it simple

2) we are inconsistent in judgments

Question 6

To become an expert:

Answer 6

your environnment must be regular enough to be predictable

there must a pattern and that the person has enough time to learn about these patterns

Question 7

how do experts become better.

Answer 7

they need to give immediate feedback. That’s how you progess in a team. That’s how you get valuable.

Question 8

what is the inside view

Answer 8

it’s when you only focus on yourself and on the details on the problem. You trust to much your knowledge. which can lead to often the best case scenario.

Question 9

what is the outside view.

Answer 9

It’s looking for information outside the box. looking at statistics (like the success rate of the solvation of your problem)”