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Journal of Economic Literature: Vol. 50 No. 4 (December 2012)

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Psychologists at the Gate: A Review of Daniel Kahneman's Thinking, Fast and Slow

Article Citation

Shleifer, Andrei. 2012. "Psychologists at the Gate: A Review of Daniel Kahneman's Thinking, Fast and Slow." Journal of Economic Literature, 50(4): 1080-91.

DOI: 10.1257/jel.50.4.1080

Abstract

The publication of Daniel Kahneman's book, Thinking, Fast and Slow, is a major intellectual event. The book summarizes, but also integrates, the research that Kahneman has done over the past forty years, beginning with his path-breaking work with the late Amos Tversky. The broad theme of this research is that human beings are intuitive thinkers and that human intuition is imperfect, with the result that judgments and choices often deviate substantially from the predictions of normative statistical and economic models. In this review, I discuss some broad ideas and themes of the book, describe some economic applications, and suggest future directions for research that the book points to, especially in decision theory. (JEL A12, D03, D80, D87)

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Authors

Shleifer, Andrei (Harvard U)

JEL Classifications

A12: Relation of Economics to Other Disciplines
D03: Behavioral Economics: Underlying Principles
D80: Information, Knowledge, and Uncertainty: General
D87: Neuroeconomics


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