Decision making: biases and traps (S-ML0020)

This session is inspired by Daniel Kahneman's best-selling book "Thinking, Fast and Slow" and enhances participants' abilities to:

• explain the most relevant biases and pitfalls in everyday decision-making;
• recognize situations in a professional context that require "slow thinking";
• apply key learnings from Kahneman's concepts.

This course is designed for anyone interested in understanding how we make decisions under uncertainty and why we sometimes fall into cognitive traps.

• How we make decisions: fast thinking vs slow thinking, and how these two systems shape our choices.
• Situations where we are overly confident: why we tend to overestimate our abilities and how this distorts our decisions.
• Base-rate neglect: our tendency to ignore essential statistical information in favour of misleading intuition.
• The conjunction fallacy and the power of stories: how coherent narratives can feel more convincing than statistically probable facts.
• Mental accounting and loss aversion: how emotions influence the way we perceive gains and losses.
• Omission bias and probability effects: why we judge action and inaction differently and how we misinterpret risks.
• Summary and best practices: key takeaways to help you make better, more systematic decisions.