Nobel laureate Daniel Kahneman, renowned for his pioneering work in behavioral economics which significantly impacted the field, has passed away at the age of 90, as confirmed by his employer.
Kahneman, author of the widely acclaimed book “Thinking, Fast and Slow,” challenged the conventional belief that human behavior is primarily driven by rational decision-making processes, asserting instead that it often stems from instinctual impulses.
Princeton University, where the Israeli-American scholar was affiliated until his demise, officially announced his death on Wednesday, 27th March 2024.
Former colleague and professor Eldar Shafir remarked;
His arrival transformed many sectors within the social sciences. His absence will be keenly felt.
Eldar Shafir – Former colleague and professor
In 2002, Kahneman was awarded the Nobel Memorial Prize in Economic Sciences for his groundbreaking contributions to the intersection of psychology and economics.
His seminal theory contested the traditional economic viewpoint that individuals are wholly rational and self-interested, proposing instead that cognitive biases can distort judgment.
The perennial question of whether money truly buys happiness continues to spark debate.Among numerous studies, Kahneman’s insights were referenced in the report titled “Can Money Buy Happiness?”
Established in 1968 to mark the Swedish central bank’s tricentennial, the Nobel Memorial Prize in Economic Sciences remains the only Nobel distinction not originally stipulated in Alfred Nobel’s 1895 testament.
Story: Christy Dung