![]() I filtered the election through Danny and Amos. ![]() On applying Kahneman and Tversky's findings to the 2016 election And that was just one of the things that Danny and Amos' work revealed: the importance of framing. Just that change in what's called the "choice architecture" leads people to save massively more money. Michael Lewis is also the author of The Big Short, Liar's Poker and Flash Boys. They changed these plans to opt-out: You had to check a box if you didn't want to save a certain amount of money. ![]() This unit, for example, has gone through all the federal pension plans, many of which were opt-in: required a worker to check a box if he wanted to save a certain amount of money. The Obama administration actually had, and has, a unit in it that's responsible for framing decisions in a way that leads people to maybe make better decisions. On how the Obama administration has put Kahneman and Tversky's findings to use I think their central question is, "How does the mind work?" Not when it's in an emotional state, but when it thinks it's in a rational state when it's faced with a judgement or a decision to make, what's it doing? That's what they were interested in. On what Kahneman and Tversky were searching for If you frame something as a loss - 10 percent chance of dying - as opposed to as a gain - 90 percent chance of living - people respond entirely differently. Books How The Financial Crisis Created A 'New Third World' ![]()
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