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within Insurance, Energy and Natural Resources and Coronavirus (COVID-19) topic(s)
with Senior Company Executives, HR and Finance and Tax Executives
with readers working within the Accounting & Consultancy, Automotive and Insurance industries
Psychologist and Nobel prize winning economist Daniel Kahneman
was recently interviewed in TIME Magazine. Mr Kahneman, the author
of Thinking Fast And Slow, talks of people being blind to their own
blindness.
"We're generally overconfident in our opinions and
our impressions and judgements. We exaggerate how knowable the
world is."
As an example Mr Kahneman says that during the 90's when
there was terrorist activity in Thailand, people were asked how
much they would pay for a travel insurance policy that paid
$100,000 in case of death for any reason. Others were asked how
much they would pay for a policy that paid $100,000 for death as a
result of a terrorist act. Mr Kahneman said that people were
prepared to pay more for the second policy even though the second
event was far less likely.
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