Intuitive, appealing, and — wrong

3 November, 2016 at 19:10 | Posted in Economics | Comments Off on Intuitive, appealing, and — wrong

THINKING-FAST-AND-SLOWOne of the main functions of System 2 is to monitor and control thoughts and actions “suggested” by System 1 … For an example, here is a simple puzzle. Do not try to solve it but listen to your intuition:

A bat and ball cost $1.10.

The bat costs one dollar more than the ball.

How much does the ball cost?

A number came to your mind. The number, of course, is 10: 10 cents. The distinctive mark of this easy puzzle is that it evokes an answer that is intuitive, appealing, and wrong …

The right answer is 5 cents.

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