Biography

Daniel Kahneman, born on March 5th of 1934, was a very influential character in the world of economics due to his application of psychological analysis to economic behavior. Kahneman began his career as professor of psychology at the Hebrew University of Jerusalem. After becoming a distinguished professor, he travelled to America to further his research at several well known universities. On his visit to Harvard, Kahneman joined fellow Hebrew University alum Amos Tversky and began work on research which involved human decision making. Kahneman was one of the first to publish work on prospect theory, which explained that when faced with decision that deal with economic risk, humans tend to make less rational decision. These papers dispelled the common theory that humans made economical decisions without bias or clout, which led the building blocks to the study of behavioral economics. Kahneman later received the Nobel Memorial prize in economic sciences for his discoveries. These discoveries are quite applicable to the class because Kahneman is the reason we factor in human error into economics.

Sources:
http://www.famouseconomists.net/daniel-kahneman
https://www.thefamouspeople.com/profiles/daniel-kahneman-5327.php

Comments

  1. Professor ArvanSeptember 12, 2017 at 4:36 AM

    Kahneman is indeed good to read about humans making mistakes in decision making, much of which is predictable. In other words, we depart from rationality in ways that can be identified in advance. We have various biases in our thinking. One of those is to not gather enough information to make an informed choice, but rather to decide based only on what is immediately available.

    On a different note, I see in the left sidebar your actual name (or some variant) rather than the name of your alias. You can change your screen name. There are instructions on how to do that, or if you need help with it, see me after class.

    ReplyDelete

Post a Comment

Popular posts from this blog

Conflict Resolution

When you work at a bar, conflict can come from many different sources. While most of these are alcohol and patron related, some conflicts can arise from the way the bar is run in the first place. Last year the bar was treated to a surprise health inspection and if you have ever stepped foot inside of KAMS you would know that we did not do that well. KAMS prides itself as being the oldest bar on campus and often gives alumni that wave of nostalgia when they walk in due to the lack of major renovations made over the years. Unfortunately, nostalgia isn’t the only thing that hits them when they walk in; they’re also greeted by the classic KAMS smell of molded alcohol. Needless to say, the lack of renovations and the lackadaisical way that cleans were held before the health inspection caused us to fail horribly. This put us on thin ice with the health inspector, which prompted our owner to hold a two-hour meeting with completely new cleaning guidelines and a new checklist
Read more

Organization and Transaction Costs

Throughout my high school and college career, I have found myself part of many different organizations that operate quite differently from each other. The main two that come to mind are the retail store I worked at in high school and the campus bar that I work at currently. The retail store that I worked at was different from the traditional retail store due to the manner in which they went about purchasing inventory. I worked for TJ Maxx, which prides itself in providing brand name fashion for a fraction of the price.  I was only a cashier/sales associate, however, I still got a very good look at the organization of the store due to my extended time of employment. There were three managers: the store manager, the hiring manager, and the floor manager. Underneath them were the co-ordinators which served as a middle link in rank between the starting associate and the manager. The scheduling was all handled by management and you would have up to three weeks of scheduling at a time. Inv
Read more