American-Israeli psychologist Daniel Kahneman, who won the Nobel Prize in Economics for his research into the way people handle money, has died at the age of 90. This was announced on Wednesday by the elite American university of Princeton, where Kahneman taught until his death.
The author of the bestselling book ‘Thinking Fast, Thinking Slow’ argued that people’s behavior is not based on a rational decision-making process, but often on instinctive action.
“Many things are no longer the same as they used to be”
Kahneman’s former colleague Eldar Shafir said in a press release about the deceased: “Many areas of the social sciences have not been the same since he came on the scene. We will miss him very much.”
Kahneman received the Alfred Nobel Memorial Prize in Economics in 2002 for his research in psychology and economics. In 2013 he received the Presidential Medal of Freedom from then US President Barack Obama.
They have turned theories on their head
His most popular theory challenged traditional economic approaches that assumed people were completely rational and self-interested. Instead, he argued that people have mental biases that can distort their judgments.
Source: Krone
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