Gerd Gigerenzer on Gut Feelings

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4.7 • 4.3K Ratings

🗓️ 2 December 2019

⏱️ 68 minutes

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Summary

Psychologist and author Gerd Gigerenzer of the Max Planck Institute for Human Development talks about his book Gut Feelings with EconTalk host Russ Roberts. Gigerenzer argues for the power of simple heuristics--rules of thumb--over more complex models when making real-world decisions. He argues that many results in behavioral economics that appear irrational can be understood as sensible ways of coping with complexity.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:08.0	I'm your host, Russ Roberts, of Stanford University's Hoover Institution.
0:12.6	Our website is econtalk.org, where you can subscribe, comment on this podcast, and find
0:17.6	links and other information related to today's conversation.
0:20.5	We'll also find our archives where you can listen to every episode we've ever done going
0:24.8	back to 2006.
0:27.0	Our email address is mailadycontalk.org.
0:29.6	We'd love to hear from you.
0:33.8	Today is October 29th, 2019.
0:35.7	I guess it's psychologist and author, Gerard Giger-Renser.
0:39.8	He is director of the Harding Center for Risk Literacy at the Max Planck Institute for
0:44.0	Human Development.
0:45.5	Our topic for today is his work on decision-making, rationality, and rules of thumb, including
0:50.8	his 2008 book, Gut Feelings, the Intelligence of the Unconscious.
0:56.4	Gerard, welcome to Econ Talk.
0:58.4	I'm glad to be there.
1:01.0	So let's start with what you mean by Gut Feelings and how it's possible, which on the surface
1:06.9	they seem irrational or not analytical.
1:10.8	How could they possibly help us make better decisions than a rational, calculating approach?
1:18.9	Yeah.
1:19.9	So let's first be clear what I mean with Gut Feelings.
1:24.9	So a Gut Feeling or an intuition is based on years of experience and it has the following
	...

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