--- title: 10 Questions for Nobel Laureate Daniel Kahneman | TIME description: Psychologist and Nobel Laureate Daniel Kahneman discusses his new book - 'Thinking, Fast and Slow' - and why our gut instincts are usually wrong canonical: https://time.com/video/IrRkXE2M/ og:title: 10 Questions for Nobel Laureate Daniel Kahneman og:description: Psychologist and Nobel Laureate Daniel Kahneman discusses his new book - 'Thinking, Fast and Slow' - and why our gut instincts are usually wrong og:url: https://time.com/video/IrRkXE2M/ og:image: https://cdn.jwplayer.com/v2/media/IrRkXE2M/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: 10 Questions for Nobel Laureate Daniel Kahneman twitter:description: Psychologist and Nobel Laureate Daniel Kahneman discusses his new book - 'Thinking, Fast and Slow' - and why our gut instincts are usually wrong twitter:image: https://cdn.jwplayer.com/v2/media/IrRkXE2M/poster.jpg?width=720 --- # 10 Questions for Nobel Laureate Daniel Kahneman > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: 10 Questions for Nobel Laureate Daniel Kahneman [Watch (HLS stream): 10 Questions for Nobel Laureate Daniel Kahneman](https://cdn.jwplayer.com/manifests/IrRkXE2M.m3u8) (6:07)  _Published 2011-11-18. Psychologist and Nobel Laureate Daniel Kahneman discusses his new book - 'Thinking, Fast and Slow' - and why our gut instincts are usually wrong_ --- Jul 27, 2023 3:19 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [](/video/KoXiBjdg/) ![Nobel Peace Prize Laureate Narges Mohammadi Forcibly Arrested in Iran \[VERTICAL\]](https://cdn.jwplayer.com/v2/media/KoXiBjdg/poster.jpg?width=720)00:06 ### Nobel Peace Prize Laureate Narges Mohammadi Forcibly Arrested in Iran \[VERTICAL\] [Nobel Laureate Yunus Cleared in Graft Case After Becoming Bangladesh Leader](/video/zlCanZ8I/) ### Nobel Laureate Yunus Cleared in Graft Case After Becoming Bangladesh Leader [Nobel Peace Prize Laureate Liu Xiaobo Has Died](/video/q6qrCYzH/) ### Nobel Peace Prize Laureate Liu Xiaobo Has Died --- ## Transcript Hi, I'm Belinda Luscombe. I'm an Editor at large at Time Magazine. Daniel Kahneman has won the Nobel Prize for economics even though he's actually a psychologist. He has a new book called Thinking Fast and Slow. And we're going to talk, probably knowing me reasonably slowly today, about that for ten questions. Welcome Professor Kahneman. I'm glad to be here. Now in the book, you frame the way we think into two different systems. There's the fast system system one. And system two, the the slow thinking. Can you explain the difference? Yes, I mean you know everybody i, is aware of that. There are, thing that just come to your mind. You know if I say 2 plus 2, the answer comes to your mind. You don't have to decide to do it. It just happens. But if I say you know what's the product of 17 times 24, probably nothing comes to your mind. 409. You've got to generate. But I read your book. It's actually 408. [ LAUGH ] [ LAUGH ] So, but. Yeah. But that's you pulled that out of memory and even that was an effort. Are the people who best represents like, you know public figures that you can think of this is the, this is a, this guy is typical of like, slow thinking and this is typical of, of fast? Or is it within all of us? Well, [ INAUDIBLE ] I mean, you know, you can compare the current President and, and his predecessor [ CROSSTALK ] Right. And, one of them. The current President being much more judicious. Much, well you know I mean certainly much more reflective and much more deliberate. And those previous one, quite explicitly trusting his intuition, trusting his gut, and very much much following what System One was telling him what to do What then the most common decision making mistakes are involving this, this systems? We are biased to like some people and to dislike other people. We are biased by, by words so that you know you are not going to have the same attitude toward cold cut of meat if it's described as 10 % fat or as 90 % fat free. People actually are willing to pay more for the latter. You don't seem in the book just from a surface reading to be like a huge fan of, of intuition. Is it idiotic to go with your gut? No, it depends, it really depends on on the situation. I mean, there are conditions where you know that you are very likely to make a mistake. If somebody has just put a number and you are nogotiating and somebody has mentioned a number, you should be very wary. Because that number looks more reasonable the moment it has come on the table. So there, there are mistakes that people do. You can recognize the circumstances under which those mistakes occur. Of all the demonstrations your, your book lists a lot of really fantastic demonstrations that you did to illustrate this blindness we have to our own biases. What is your favorite? During the period when there was a fair amount of terrorist activity in Europe people were asked to consider travel insurance. There were two conditions. And they were asked to, how much would you pay for a policy that pays $ 100, 000 in case of death for any reason. And other people were asked. How much would you pay for a policy that pays a $ 100, 000 for death in a terrorism incident and people pay more for the second, than for the first. Even though it's less likely. Even though it's much less likely. But of course they are not comparing the two. They are seeing only one of them. And so, they are more afraid. People are certainly more afraid more frightened by the idea of dying in a terrorist accident then they're frightened by the idea of dying. And the willingness to pay simply reflects fear. What are the biggest may, mistakes that people make in thinking about themselves? Well, in the first place, they think that other people have biases but that they don't. So they're, well, normally blind about their own blindness. We're generally very over confident in our opinions and in our impressions and judgements. Many people not all. But the people that make the most difference to the lives of other people are very optimistic. And they have an illusion of control. And then there is the illusion which is very important that the world is more knowable. I mean we exaggerate how knowable the world is. So, for example, you know we think that there are people who knew that there was going to be a re- session, or you know, a severe event. And I'm skeptical because I think they didn't know it. They thought it and then it happened. But there were other equally knowledgeable, equally intelligent people who knew the same thing and didn't think there was going to be a recession. So we use the word know in peculiar ways. And that strengthened the illusion that we understand the world when we really don't. I'm aware that you have a Nobel prize for economics but do you think the field of economics has been responsive enough to your discoveries and theories? Well, you know I'm a psychologist and not an economist and I am actually very surprised that they have been. As responsive as they have been. Hm. Behavior economics is now definitely part of the establishment. It's, it's a dominant approach in some of the best departments of economics in the country. So which Nobel are you going for next? [ LAUGH ] Well, no you know I mean what happened to us was an accident and it's you know it's basically we did psychology and we influenced some people in economics and I hope that the people that we influenced that they get the Nobel Prize in economics. So I have very strong favorites in that field but otherwise I don't have any recommendations to the Nobel community Dr. Kahneman, thank you so much for being here. Thank you. 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