Intuition wnd Behavioral economics - 1

Intuition

judgement that just seems true or correct and that doesn’t originate in conscious perception or introspection

Moral Intuition

More closely resembles thoughts than feeling and persist over time and we can grow and develop

Criticism of the use of Moral Intuition

Historical reflective criticism: Intuitions can be wrong and have been wrong in the past

Psychology Criticism: We are often unaware of what influences us

Arguments in favor of moral intuition

Profs rejects the notion that all intuitive judgements are unreliable

Intuitive judgements are not any more flawed than introspective or perceptive judgements

Under certain conditions, intuition works and it works well

Helpful Heuristics (rule of thumb) for using intuition

1. Careful with emotions

2. Keep it simple

3. Careful with contradictions

Two Types of decision making

Classical view and Behavioral economics view

Classical View/Home economics

Assumes people are rational, disciplined and disinterested, making them unbiased by personal interests. Can be reliable in promoting their own self-interests

Behavioral Economics

• Recognizes that people are flawed decision makers (human) and thus:

  • Are sometimes irrational 

  • Sometimes we act against our own self-interest

Sysem 1 Thinking

Operates automatically, requires little or no effort, affords us no sense of voluntary control

System 2 thinking

Involes effortful mental activity, Associated with subjected experiences of agency, choice and concentration

Focus is?

Selective, what we choose to focus on blinds us to other things

Examples of System 1 thinking?

Examples of System 1 thinking?

Illusions

can be visual and cognitive