Jun 16 • 1HR 0M

Episode 1: 💡 System 1 & System 2 Thinking (and Intros!)

 
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Appears in this episode

Product Happy Hour
Ajay Waghray
Era Johal
🧐 New to product management? Considering becoming a PM? Miss happy hour in our new remote/hybrid work world? Join us for Product Happy Hour 🍻🎙, where you can do happy hour in your sweatpants! 🎉 Drink with your favorite product people, Ajay Waghray and Era Johal, while learning more about building great products. Support this podcast at producthappyhour.com
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Hi all! Welcome to the first episode ever of Product Happy Hour! Join us as we introduce ourselves, the pod, and talk about System 1 & System 2 thinking from Thinking, Fast and Slow by Daniel Kahneman.

You can grab the book here!

The behavior psychologist Ajay mentioned is Susan Weinschenk, Ph.D. She has an amazing book on this and other subjects we highly recommend, 100 Things Every Designer Needs to Know About People.

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✍🏾 Show Notes

3:07  Our backgrounds 

5:51  About the book & the author

Bias & Heuristics

9:03  System 1 vs System 2 thinking - how it can apply to your product 

15:21 The Law of Small Numbers - how it can get you into trouble 

21:03 Anchoring can impact user decision making, like strike through pricing 

24:43 Availability - probability of events

27:32 PMs & Users use Substitution to shortcut thinking 

33:16 Optimism and Loss Aversion - FOMO and pre-mortem  

38:47 Overconfidence and how to avoid this bias 

45:49 The different ways users make choices - How the Endowment Effect creates Loss Aversion, the likelihood of bad and rare events 

What you can do about it

52:10 Strategies on how PMs can combat these biases in their own thinking 

56:01 How to build solid products that acknowledge these biases and the fact that users are normally in system 1 thinking