The Undoing Project

Book Review

Title: The Undoing Project: A Friendship that Changed our Minds

Author: Michael Lewis

Reviewer: Richard Sesek (educator, wantrepreneur)

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Topic/Intent of book: This book delves into the partnership between Israeli psychologists Daniel Kahneman and Amos Tversky, whose collaborative research revolutionized our understanding of human decision-making. Their work on cognitive biases and heuristics laid the foundation for behavioral economics, challenging the notion of human rationality in economic theory.

I selected this book because: I had just read Thinking Fast and Slow by Daniel Kahneman and found the book fascinating. Amos Tversky was a major research collaborator and I chose this book to learn more about their interesting and complicated relationship. Also, Michael Lewis is a great writer and I enjoy his work.

Recommendation: Yes, but… This book is a deep dive on the relationship of Daniel Kahneman and Amos Tversky. I do NOT recommend this book unless you have already read Thinking, Fast and Slow. If you are unfamiliar with Kahneman and Tversky, wait until after reading some of their papers or “Thinking Fast and Slow”. Lewis is a good writer and he helps capture the essence of their impactful research while skillfully navigating their intertwined personal and professional lives.

Major lessons from this book: Kahneman and Tversky identified that humans often rely on mental shortcuts, or heuristics, which can lead to systematic errors in judgment and decision-making. They challenged the traditional economic assumptions regarding human rationality. They also developed prospect theory which illustrated that people value gains and losses differently. This insight has profound implications for understanding economic behavior and why actual behavior can deviate significantly from what utility theorywould predict. Their partnership exemplifies the power of collaboration for advancing science and making groundbreaking discoveries, but also how fragile friendship and collaboration can become.

Book Inspirations: I was drawn to the compelling story of intellectual partnership of two great pioneers in behavioral economics. Understanding the origins of concepts that can help explain human behavior is crucial for both teaching and entrepreneurial endeavors. Their research underscores the fallibility of human intuition, emphasizing the need for critical thinking and evidence-based approaches in decision-making processes. Reading about Kahneman and Tversky's collaboration has inspired me to value interdisciplinary partnerships more. Their story serves as a reminder of the importance of questioning assumptions and embracing collaborative inquiry in both educational and entrepreneurial pursuits.