Nobel Prize winner, Daniel Kahneman, who introduced theories in behavioral economics that had a big impact on the field, has died at the age of 90, his employer confirmed.
Kahneman, the author of the popular book “Thinking, Fast and Slow,” debated the idea that people’s actions come from logical decision-making, instead stating that they are often based on instinct.
Princeton University, where Kahneman, an Israeli-American academic, worked until his death, confirmed his passing in a statement on its website on Wednesday.
Former colleague and professor Eldar Shafir said, “Since he arrived, many areas in the social sciences have not been the same. He will be greatly missed,” in a press release.
In 2002, Kahneman was given the Nobel Memorial Prize in Economic Sciences for his work in the areas of psychology and economics.
His most popular theory went against traditional economic views that people always act rationally and in their own self-interest. Instead, the theory suggests that people have mental biases that can skew their judgments.
The age-old question of whether money can bring happiness is still debated.
Among various studies and research, Kahneman’s contributions were also mentioned in the report “Can Money Buy Happiness?”
The award — the only Nobel not originally included in Alfred Nobel’s 1895 last will and testament — was established in 1968 to mark the 300th anniversary of the Swedish central bank, according to PUNCH Online.
AFP
