At the age of 90, we bid farewell to Daniel Kahneman, a Nobel Prize recipient whose groundbreaking work in behavioral economics left an indelible mark on the field.
Known for his influential book “Thinking, Fast and Slow,” Kahneman challenged the conventional belief that human behavior is driven by rational decision-making, emphasizing the role of instinct instead.
Princeton University, where Kahneman, an Israeli-American scholar, dedicated his career, confirmed his passing in a statement released on Wednesday.
In reflecting on his legacy, former colleague and professor Eldar Shafir remarked, “Many social sciences fields were forever changed by his contributions. His absence will be deeply felt.”
In 2002, Kahneman was honored with the Nobel Memorial Prize in Economic Sciences for his groundbreaking research bridging psychology and economics.
His renowned theory challenged the traditional economic assumption of human rationality and self-interest, highlighting the presence of cognitive biases that sway decision-making.
The perennial question of whether money can truly buy happiness persists.
Notable for his contributions to various studies, Kahneman’s work was cited in the report, “Can Money Buy Happiness?”
The inception of the prestigious award in 1968, honoring achievements in economics, marked the Swedish central bank’s tricentennial, as per PUNCH Online.
AFP