You probably know Daniel Kahneman's classic volume *Thinking, Fast and Slow* as a comprehensive catalogue of cognitive biases and errors in judgment. But it's more than that: it's also about the meaning of life. 1/
If you DON'T know the book, here's a very quick overview. Its most basic message is that we instinctively simplify the world to make sense of it, and if we aren't careful, the methods we use can lead us astray. 2/
Kahneman describes intuitive (subconscious) thinking processes using the term "System 1," while "System 2" refers to conscious and deliberate thinking. Each of these represents a composite of mental habits and capabilities rather than literal biological systems. 3/
System 1 is always on and is very good at certain kinds of judgments, but its capabilities are limited. By contrast, System 2 is a much more powerful information processor, but it requires energy that needs to be conserved. So we can only deploy it sparingly. 4/
The cognitive biases that Kahneman documents in the book all result from this dynamic. All too often when we encounter analytical challenges, System 1 jumps in to make the (wrong) judgment for us while System 2 fails to activate because it doesn't have the energy. 5/
So what are those biases? Lots of people have written summaries of this material so I won't duplicate the effort here. For example, this article and infographic provide a good rundown: medium.com/better-humans/… 6/
The list of biases is a mile long, but not all of them are equally relevant to social sector management. In my articles and workshops about decision-making, I generally emphasize these five: 7/
1. Confirmation bias causes us to more readily believe information that supports our existing worldview, and discount evidence that challenges it. The more emotionally attached we are to our worldview, the stronger this effect can be. en.wikipedia.org/wiki/Confirmat… 8/
2. The availability heuristic causes us to overgeneralize from our current knowledge and own experience, even if it's unrepresentative. One consequence: an implicit assumption that other people think the same way or have the same preferences as we do. en.wikipedia.org/wiki/Availabil… 9/
3. Base-rate neglect is the tendency to treat every situation or case as unique, failing to consider what it might have in common with others in the same category. Sure you're excited about your new grant initiative, but if the past five similar ones have failed... 10/
4. Planning fallacy is a specialized instance of overconfidence that relates to underestimating the time and resources needed to complete projects. Sound familiar? en.wikipedia.org/wiki/Planning_… 11/
5. Framing effects (en.wikipedia.org/wiki/Framing_e…) can dramatically influence the way we feel about an idea, event, or other stimulus. Our moral intuitions are often not a good guide for actual decision-making, as demonstrated by one of the most remarkable passages in the book: 12/ 
OK, back to the meaning of life. In the section entitled "Two Selves," Kahneman reveals that we remember pain and pleasure differently from how we experience it. You might assume that the reality of our experiences is what matters to us. But in fact that's not true. 13/
What we really care about is our *memories* of our experiences, and the story those memories cause us to tell ourselves and others about our lives. 14/
For instance, research has long demonstrated that additional income doesn't really make us happier once we have our basic needs taken care of. But discretionary income DOES increase life satisfaction, because it affects the story we tell about ourselves. 15/
In other words, narratives don't just matter, narratives are everything. As Kahneman poignantly writes: "Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me." 16/
This might just seem like a curious artifact, but it has enormous implications for social sector leaders. Here are a few that are mentioned in the book: 17/
1. In addition to income, empirical research has now confirmed several other categories of experience that affect our moment-to-moment happiness and life satisfaction differently. Among them: education, health, living with children, and religious participation. 18/
2. We have a baseline state of happiness that we tend to return to regardless of what else is going on in our lives. We assume changed circumstances will affect wellbeing more than they do. So, even programs that are achieving their outcomes may not be increasing happiness. 19/
3. There are exceptions to the above: research shows we can't easily adapt to depression, chronic pain, or constant loud noise. Which suggests interventions focused on alleviating these specific conditions may have much higher social value than we give them credit for. 20/
4. Finally, there is good evidence that "a disposition for happiness is as heritable as height or intelligence." Mind-blowing! A happy temperament is an unearned privilege--perhaps the most important one there is. How might this shift our understanding of equity and justice? 21/
In short, if you read Thinking, Fast and Slow, read it to the end! Your experiencing self might not like it, but I promise your remembering self won't be sorry. /end
