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Daniel Kahneman, Dies at 90

The world of behavioral economics is mourning the loss of Daniel Kahneman, a pioneering psychologist who passed away on March 27, 2024, at the age of 90 [The Times of Israel]. Kahneman’s groundbreaking work, often conducted alongside Amos Tversky, challenged the traditional economic assumption that humans are rational decision-makers.

His research, particularly the exploration of cognitive biases, revolutionized the field of economics. His book, Thinking, Fast and Slow, became a bestseller, further popularizing his ideas on how human psychology shapes our financial choices and overall decision-making [The Jerusalem Post].

A Life of Accomplishment:

Born in Israel and raised in France, Kahneman’s life was marked by both triumph and tragedy. He escaped Nazi persecution during his childhood and later served in the Israeli military [The Times of Israel]. His academic journey led him to landmark research that would forever change economics.

In 2002, Kahneman, alongside Amos Tversky (posthumously), was awarded the Nobel Prize in Economic Sciences for his groundbreaking work on prospect theory. This theory challenged the traditional economic model of rationality, demonstrating how emotions and cognitive biases influence our decisions [Globes (English)].

A Legacy of Impact:

Kahneman’s influence extends far beyond economics. His work has applications in various fields, including marketing, finance, and public policy. His insights continue to shape how we understand human behavior and decision-making.

Remembering a Giant:

Daniel Kahneman’s death leaves a void in the world of behavioral economics. His legacy, however, will continue to inspire future generations of researchers and thinkers.

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