Renowned psychologist and Nobel laureate, Daniel Kahneman, passes away at 90
The world of economics is mourning the loss of Daniel Kahneman, a revered psychologist who passed away at the age of 90. Kahneman, who never took an economics course, made groundbreaking contributions to the field of behavioral economics in the 1970s, eventually leading to a Nobel Prize in economic science in 2002.
His partner, Barbara Tversky, confirmed Kahneman’s death, although the location was not disclosed. Kahneman, who was associated with Princeton University and resided in Manhattan, used his background in psychology to revolutionize traditional economic theories.
A significant aspect of Kahneman’s work was his collaboration with cognitive psychologist Amos Tversky. Together, they conducted research that challenged conventional economic beliefs, revealing the prevalence of mental biases in decision-making processes. This research prompted a reevaluation of various issues, including medical malpractice and talent evaluation in sports such as baseball.
The duo’s work laid the foundation for the behavioral economics school, which questions the assumption of full human rationality in traditional economic models. Kahneman’s groundbreaking research has had a lasting impact on the field of economics, inspiring a new generation of scholars to explore the complexities of human decision-making processes.
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