The idea of consumers making fully reasoned decisions is finally being debunked. Events like the financial crisis and fresh research have successfully challenged the idea that rationality is at the heart of our choices.
The most prominent thinker in this area is psychologist Daniel Kahneman. His book, “Thinking, Fast and Slow”, has now sold over a million copies in the UK. He’s demonstrated that our mind has two systems of thought. System 1 is a fast, automatic and intuitive process over which we have little conscious control. System 2, which corresponds with our idea of rational reasoning is slow, deliberative and effortful.
This cleaving of the mind into two spheres isn’t new – the idea stretches back to antiquity. However, what is new is the idea that the vast majority of decisions are made by System 1. Even when we think we’re making reasoned conscious decisions often the conscious mind is merely post-rationalising decisions that have already been made. In the memorable words of Jonathan Haidt, author of The Righteous Mind, the rational minds “thinks it’s the Oval Office when actually it’s the press office”.
Read the whole story: The Guardian