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 discov...