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Nobel laureate Daniel Kahneman, pioneer of behavioral economics, died

Utkarsh Classes Last Updated 29-03-2024
Nobel laureate Daniel Kahneman, pioneer of behavioral economics, died Death 4 min read

Nobel laureate Daniel Kahneman, pioneer of behavioral economics, died on March 27, 2024, at the age of 90.

About Daniel Kahneman:

  • Kahneman was born on March 5, 1934 in Tel Aviv. He served Israeli national service in the 1950s.
  • Daniel Kahneman was a famous Israeli-American psychologist and Nobel laureate.
  • Kahneman's groundbreaking work in the fields of behavioral economics and cognitive psychology has greatly improved the understanding of human decision making.
  • Kahneman's research earned him the Nobel Prize in Economic Sciences in 2002.
  • Kahneman published his bestseller ‘Thinking, Fast and Slow’ in 2011, which offered an exploration of the human brain.
  • Daniel Kahneman and Amos Tversky reshaped economics through collaboration. Tversky died in 1996.
  • Economists say that had Tversky not died in 1996 he certainly would have shared the prize. Nobel is not given posthumously.

Quotes from Daniel Kahneman:

  • Kahneman's quotes are world famous which are useful in decision making as well as investment. Major among these are the following:
  • Importance: “Nothing is as important as we think it is while we are thinking about it.”
  • Confidence: "High confidence declarations primarily indicate that a person has constructed a coherent story in his mind, not necessarily that the story is true."
  • Predictions: "However, if you choose to deceive yourself by accepting extreme predictions, however, you will better be aware of your self-indulgence."
  • The Future: "The idea that the future is unpredictable is being weakened every day by the ease with which the past is explained away."
  • Ignorance: "We are blind to our blindness. We have little idea of how little we know. We were not created to know how little we know."
  • Anecdotal: "People who have information about an individual case rarely feel the need to know the statistics of the class to which the case belongs."
  • Stop and reflect: "If there is time to reflect, it might be a good idea to slow down."
  • Bad news: "Humans and other animals have a mechanism in their brains that is designed to prioritize bad news."
  • Losses: "A person who has not made peace with his losses may accept gambling that would otherwise be unacceptable to him."


Answer: Israeli-American citizen

Answer: Tel Aviv

Answer: Behavioral Economics
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