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Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money by David E. Adler

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Part IIThe Track, the Stock Market, and Other Types of Gambling

Our gut instincts and snap judgments don’t just lead us astray when it comes to investing: They also cause problems when it comes to gambling or when considering different “gambles” in sports strategies and horse betting. Part II of this book examines common intuitive mistakes when it comes to these sorts of real-life gambles. It culminates with a behind-the-scenes look at Las Vegas and the way casinos understand exactly how gamblers think.

I begin with a deeper examination of intuition—how it functions and its predictable biases.

14. Let’s Talk about Linda: More About Our Intuition

Although we have two decision systems at our disposal—one analytical and slow, the other intuitive ...

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