Thursday, April 16, 2020

27A – Reading Reflection No. 3

Thinking, Fast and Slow, Daniel Kahneman


This book addresses the processes we use to make decisions and deductions by differentiating by two main types of analysis we use when taking in the world around us. It argues that there are times when we should think quickly and instinctively and others when we should take the time to exhaustively and logically work through things. It introduces ideas like anchoring, becoming aware of real probabilities, our natural aversion to risk, our natural propensity to make decisions influenced by sunk costs, and how to frame information to influence how your audience responds.

This book loosely connects to things we have been learning in ENT 3003. It helps readers to understand social drivers of decision making which might enable us to more effectively practice the principles we learn in this class and others.

I might assign the reading of this book and require a thoughtful paper be written either summarizing the material or presenting real world scenarios for each of the ideas covered and providing analysis of how these situations exemplify each principle. Additionally a cupcake could be put together to test students' understanding of the principles covered in this book. 

A lot of these ideas I have encountered elsewhere but it is intriguing to see how they are assembled and correlate to one another in terms of data analysis and decision making. A mastery of these could prevent costly missteps in business and give an entrepreneur aware of them a definitive edge.

3 comments:

  1. Hi Cory,
    I like the book you have chosen and I felt extremely interested when coming across the part about thinking differently in different times. This concept is very smart. Great work!

    ReplyDelete
  2. Hey Cory,
    I am so glad that you were able to learn some very cool things by reading your book. I feel like I learned so much as well and definitely enjoyed this activity. I also like your idea of doing an activity were students would have to turn in essays showing what they learned.

    ReplyDelete
  3. Hi Cory,
    I’d thought about reading that book but ultimately chose something else, so I’m glad I can read about it via your post. I think understanding the factors that drive decision making is something that can be incredibly valuable to entrepreneurs. I think assigning the book to read would be a great decision for the class, as I feel that the concepts covered in it are quite important for an entrepreneur to understand.
    Great work!
    Nolan

    ReplyDelete