• Book Reviews,  Economy,  Science

    Noise

    A Flaw in Human Judgment D. KAHNEMAN, O. SIBONY, C.R. SUNSTEIN As an economist, whose focus on macroeconomics and finance, I do make plenty of decisions everyday. Some of those are crucial and some are routine, but probably they all consist of bias and noise. Without doubt minimising those errors is a prerequisite for anyone who pursuit success and happiness. Although it is a challenging and daunting task, I believe that it is the path to go. When it comes to the book, I was totally impressed with Daniel Kahneman’s (and Amos Tversky’s) pioneering contributions to behavioural economics, and highly benefitted from his previous best-selling book, Thinking, Fast and Slow.…

  • Book Reviews,  Economy

    Thinking, Fast and Slow

    How do we make decisions? Daniel KAHNEMAN [1] When Daniel Kahneman and Vernon L. Smith had won the Nobel Prize in Economics, in 2002, I was impressed with their point of view and contribution. I was a fresh graduate at those times and had strict doubts about the rationality principle of humans as actors and decision makers in the economy related areas. Kahneman and his colleagues have integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty.  Years later I have re-read Kahneman’s this work in a “Bestseller” form and all I can say is that; “It is enlightening”. The book expresses how and…