Daniel Kahneman is widely considered the most influential psychologist in the world today. He is best known in the financial realm for pioneering work that helped to lay the foundation for behavioral economics, which studies the psychology of judgment and economic decision making and its impact on the financial markets. Together with his long-time collaborator Amos Tversky, Dr. Kahneman explored the ways in which human judgment systematically departs from the basic principles of decision theory when evaluating economic risk, consequently creating the concept of prospect theory.
Their findings challenged fundamental economic
assumptions and expanded the boundaries of research by introducing
psychologically realistic models into economic theory. In 2002, Dr.
Kahneman’s work was recognized with the Nobel Memorial Prize in Economic
Sciences for his integration of insights from psychological research
into economic science.
In February 2012, Dr. Kahneman spoke with
members of the Editorial Advisory Board of the Journal of Investment
Consulting about his investigations into decision making in the context
of a dual-process model, loss aversion and risk tolerance, adversarial
collaboration, and financial advisors’ impact on investors’ well-being.
Read the complete interview here: HumanDecisionKahneman
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There are Free Lunches: Behavioral Clues to Live Happy in the Economic World is a blog that intends to present updated and relevant information about the "hidden" and only recently uncovered dimensions of the economic science: the behavioral factors. With this blog we intend to promote in Europe and in the rest of the World, the top research articles and perspectives on behavioral economics, decision making, consumer behavior, and general behavioral science. We aim to be followed by journalists, academics, managers, civil servants, and everyone who wishes to improve their daily interaction with the economic world and consequently, their lives' happiness.