Ep. 385: Paul Slovic Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 2 October 2015

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Paul Slovic, a professor of psychology at the University of Oregon and the president of Decision Research. Decision Research is a collection of scientists from all over the nation and in other countries that study decision-making in times when risks are involved. He study the psychology of risk and decision making. Current interests are motivating action to prevent genocides and nuclear war.

The topic is his paper Perception of Risk.

In this episode of Trend Following Radio we discuss:

The psychometric paradigm of risk perception
Balancing risk vs. reward
The concept of affect heuristics
How the media sways the public's risk assessment
Fast vs. slow thinking
Risk in the context of decision making

Jump in!

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I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, best-selling authors, and the pros that know what drive us irrational human beings.
0:20.7	I am your host, Michael Cove, not filtered, raw, honest.
0:26.3	That's my passion.
0:31.1	My guest today is Paul Slovak.
0:33.6	He's the founder and president of decision research.
0:35.9	He is a professor of psychology at the University of Oregon.
0:40.3	He studies human judgment, decision-making, and risk analysis.
0:44.9	He and his colleagues worldwide have developed methods to describe risk perceptions
0:48.7	and measure their impacts on individuals, industry, and society.
0:53.5	Paul digs right into the heart of the matter,
0:56.8	risk.
0:59.1	Whether your daily life, an entrepreneurial venture, you're trading and investing, risk is paramount.
1:08.6	But it's more than just risk, And this is what Paul is known for.
1:12.9	Risk perception.
1:14.7	So how can we use Paul's risk and risk perception insights to our own benefit?
1:23.0	That's where we dig in today.
1:25.8	But first, before I get into our conversation, I want to read a few of the major theories
1:30.6	behind Paul's work.
1:34.2	Number one, the affect heuristic.
1:36.6	This is the ability to make a quick emotional decision in time of crisis.
1:41.6	Paul says that if there is a bad situation, if we have positive feelings towards something,
	...

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