In addition to economics, Lewis describes how the work of Kahneman and Tversky has led to practical applications in the fields of sports management, medicine, aviation, and military science. Strong psychological biases prevent clear thinking when making life choices. The hallmark of the academic legacy of Kahneman and Tversky is that humans rarely make rational decisions when confronted by complex statistical data. Their work is responsible for the development of the field of behavioral economics.
Kahneman, a Holocaust survivor who lived in hiding as a child, and his younger colleague, Tversky, a war hero, left Israel early in their careers for academic positions in North America. In the process they may well have changed, for good, mankind's view of its own mind.The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis Journalist Michael Lewis ( Moneyball) examines the friendship of two Israeli cognitive psychologists, Nobel laureate Daniel Kahneman and the late Amos Tversky.
This story about the workings of the human mind is explored through the personalities of two fascinating individuals so fundamentally different from each other that they seem unlikely friends or colleagues. They flipped a coin to decide the lead authorship on the first paper they wrote, and simply alternated thereafter. They became one of the greatest partnerships in the history of science, working together so closely that they couldn't remember whose brain originated which ideas, or who should claim credit.
Amos Tversky was a brilliant, self-confident warrior and extrovert, the center of rapt attention in any room Kahneman, a fugitive from the Nazis in his childhood, was an introvert whose questing self-doubt was the seedbed of his ideas. They became heroes in the university and on the battlefield-both had important careers in the Israeli military-and their research was deeply linked to their extraordinary life experiences.
The Undoing Project is about a compelling collaboration between two men who have the dimensions of great literary figures. Kahneman and Tversky are more responsible than anybody for the powerful trend to mistrust human intuition and defer to algorithms. Their work created the field of behavioral economics, revolutionized Big Data studies, advanced evidence-based medicine, led to a new approach to government regulation, and made much of Michael Lewis's own work possible. Their papers showed the ways in which the human mind erred, systematically, when forced to make judgments in uncertain situations. Forty years ago, Israeli psychologists Daniel Kahneman and Amos Tversky wrote a series of breathtakingly original studies undoing our assumptions about the decision-making process.
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