Confirming the news of the demise of Daniel Kahneman, a Nobel Prize winner renowned for his groundbreaking contributions to behavioral economics, his employer announced that he passed away at the age of 90.
Known for his influential book “Thinking, Fast and Slow,” Kahneman challenged the traditional belief that human behavior is governed by rational decision-making, advocating instead that it is often driven by instinct.
Princeton University, where Kahneman, an Israeli-American academic, dedicated his career until his recent passing, shared the news in an official statement released on Wednesday.
Reflecting on Kahneman’s immense impact, former colleague and professor Eldar Shafir remarked, “Many fields within the social sciences experienced a significant shift upon his introduction. His absence will be deeply felt.”
In 2002, Kahneman was honored with the Nobel Memorial Prize in Economic Sciences for his groundbreaking work in psychology and economics.
His pioneering theory challenged conventional economic theories that assumed people always acted rationally and in their self-interest. Instead, he posited that individuals are susceptible to cognitive biases that influence their decision-making.
The perennial question of whether money can truly buy happiness continues to spark debates.
Kahneman’s research, including his insights on the subject, was referenced in the study titled “Can Money Buy Happiness?”
The Nobel Memorial Prize, unique for not being part of Alfred Nobel’s original will from 1895, was established in 1968 to commemorate the 300th anniversary of the Swedish central bank, as reported by PUNCH Online.
AFP