A Psychological Perspective on Rationality - 2013 Arthur M. Okun Public Policy Lecture

Professor Daniel Kahneman, Nobel Prize winner in Economics, elaborates on his view of rationality in everyday as well as economic decision-making. Along the lines of his book "Thinking, Fast and Slow," he characterizes people's path to decisions as the interaction of the fast, heuristic, and intuitive System 1 and the slower, effortful, and deliberate System 2.

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