The scientist Daniel Kahneman combined insights from psychology and economics. He showed that, contrary to traditional approaches, people do not make decisions in a completely rational and self-interested manner. And caused a sensation. He was 90 years old.
The Israeli-American Nobel Prize winner in economics, Daniel Kahneman, is dead. His partner Barbara Tversky told the dpa news agency that Kahneman died on Wednesday. Kahneman was 90 years old. He became world famous in the field of behavioral economics. In 2002 he received the Nobel Prize in Economics. The Academy’s statement said at the time that Kahneman had “integrated insights from psychological research into economic analysis.”
The author of the bestseller “Thinking, Fast and Slow” was born in Tel Aviv in 1934 and studied at the Hebrew University in Jerusalem and at the University of California. He later taught in Israel, Canada and the USA. The psychologist and economist combined the findings of both scientific disciplines. Among other things, he analyzed people’s decision-making behavior in economic situations.
Research: distorting prejudices discernment
Kahneman and the psychologist Amos Tversky jointly developed the so-called prospect theory, with which they had an enormous influence on economics. The scientists analyzed behavior in risky situations. They showed that people are more influenced by the threat of loss than by potential gain. Barbara Tversky, herself a professor emeritus of psychology at the renowned Stanford University, was married to Amos Tversky, who died in 1996. In recent years, Kahneman and she have been in a relationship.
Kahneman’s most popular theory challenged traditional economic approaches that held that people are completely rational and self-interested. Instead, he argued that people have mental biases that can distort their judgment.
Israel’s President Izchak Herzog praised Kahneman in a statement as “one of the brightest minds we have ever known.” His research made history and changed the way humanity perceives reality. His development of prospect theory and his groundbreaking work in the fields of economics and psychology have made Israel a source of great pride.