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Thinking, Fast and Slow

Daniel Kahneman · 2011-10-25

Nobel laureate Daniel Kahneman reveals two systems of thought: System 1 (fast, intuitive, error-prone) and System 2 (slow, deliberate, lazy), and how their interplay produces systematic cognitive biases. Prospect theory shows that people feel losses roughly twice as intensely as gains, explaining why investors sell winners too early and hold losers too long. The research underpins modern behavioral finance and decision science.

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