Jun 16, 2022 • 1HR 0M

Episode 1: šŸ’” System 1 & System 2 Thinking (and Intros!)

Ā 
1Ɨ
0:00
-59:49
Open in playerListen on);
🧐 New to product management? Considering becoming a PM? Miss happy hour in our new remote/hybrid work world? Join us for Product Happy Hour šŸ»šŸŽ™, where you can do happy hour in your sweatpants! šŸŽ‰ Drink with your favorite product people, Ajay Waghray and Era Johal, while learning more about building great products. Support this podcast at producthappyhour.com
Episode details
Comments

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.

šŸ“£ Subscribe for the latest episode updates, and please consider a paid subscription to support the show šŸ™ It helps us keep the party going and keeps ads off the show:

šŸŽ„ You can also check the show out on YouTube:

āœšŸ¾ Show Notes

3:07Ā  Our backgroundsĀ 

5:51Ā  About the book & the author

Bias & Heuristics

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

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

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

24:43 Availability - probability of events

27:32 PMs & Users use Substitution to shortcut thinkingĀ 

33:16 Optimism and Loss Aversion - FOMO and pre-mortemĀ Ā 

38:47 Overconfidence and how to avoid this biasĀ 

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

What you can do about it

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

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