Yadeed Lobo had other suggestions: "Good governance (the objective observer, non executive board members) serves as an effective moderator of (thinking fast) on the part of ... executives. The relationship between the Independent Non-Executive Chairman of a Board and the CEO is particularly important."Some saw a danger in flirting with the use of bureaucratic devices to promote deliberative thought. As Shadreck Salli put it, "What (is critical) ... is the person that conducts the switching from thinking (either fast or slow) to (the) other ... it may not be easy to have a series of processes in a bureaucratic chain that would best suit a particular type of thinking ... Shalia commented: "I think the growth rate of large organizations slow(s) down precisely for this reason-not being able to separate decisions which need deliberations vs. quick decisions." Phillippe Gouambe was more blunt: "... bureaucracy slows everything down and I just do not have the time for that."As you said, good judgment in thinking fast or slow is an important characteristic of outstanding leadership. Can it be taught or does it have to be acquired over time? How do leaders learn how to think slow at the right time? How do they ensure that others do so as well? What do you think? Or do you need more time?Original ArticleBehavioral economics has fascinated us at least since Daniel Kahneman became the first psychologist to win the Nobel Prize in Economic Sciences in 2002. It has allowed us to see more clearly traditional economics and the fallacy of the assumptions on which it is based: a world of rational humans who are unemotional, well-informed, and take the long-term view in economic decisions.In contrast, behavioral economics emphasizes and examines the irrational side of managers, consumers, and investorstheir tendency to take the short-term view while following their emotions. These "irrationals" are less well informed than they imagine (and certainly less well-informed than traditional economists assume).As an antidote to these problems, behavioral economists have, for example, advised regulators to combat predictable irrationality in citizens and consumers by "nudging" them by means of economic incentives to act in ways that regulators believe are in citizens' best interests. Lest we underplay the significance of this or somehow associate it with conservative or liberal politics, consider that proponents of such ideas have been advisers to both David Cameron in the U.K. (Richard Thaler) and Barack Obama in the US (Cass Sunstein). Behavioral economists advise regulators that, when in doubt, make sure that business is transparent and even educational in its dealings with others in order to make them wiser.An observer of policy based on behavioral economics might well conclude that an assumption of irrationality may be valid, but irrational behavior is hard to predict. Why, for example, do people (even experts and managers who should know better) act in their own worst interests or those of their firms? Can such behaviors be predicted and averted?That is a subject of Daniel Kahneman's new book, Thinking, Fast and Slow. He concludes, based on his research, that as decision-makers, we rely too heavily