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.

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