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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