Daniel. Thinking, Fast and Slow. (Selection)

One-Sentence Thesis

Human well-being cannot be adequately measured by a single subjective metric (utility, preference-satisfaction, hedonic tone) because psychological research reveals two distinct systems of evaluation that systematically diverge: the 'experiencing self' (hedonic experience moment-to-moment) and the 'remembering self' (retrospective global assessments). Memory is subject to systematic biases (peak-end rule, duration neglect) that make recalled well-being a poor proxy for experienced well-being.

Argument Outline

1. 1Introduction to the two-systems model of the mind: System 1 (fast, intuitive, automatic) and System 2 (slow, deliberate, effortful)
2. 2Discussion of cognitive biases and heuristics that arise from the interactions between System 1 and System 2
3. 3Examination of how these biases and heuristics affect decision-making and judgment in various domains, including economics and well-being
4. 4Critique of the assumption of human rationality in traditional economics and the implications for our understanding of well-being and its measurement
5. 5Presentation of alternative approaches to understanding decision-making and well-being, including the use of 'experienced utility' and 'remembered utility'
6. 6Discussion of the implications of the two-systems model for policy and decision-making, including the potential for 'nudges' and other interventions to improve outcomes

Key Distinctions

Key Terms