Nobel Prize Winner and 'Founder of Behavioral Economics' Professor Daniel Kahneman Passes Away

Daniel Kahneman, the "founder of behavioral economics" and Nobel laureate in economics in 2002, an emeritus professor at Princeton University, has passed away.

According to AP and AFP on the 28th (local time), Princeton University announced on its website the previous day that Professor Kahneman had passed away at the age of 90. The family did not disclose the cause of death.

Daniel Kahneman, Professor Emeritus at Princeton University, USA [Image source=AP Yonhap News]

Kahneman, an Israeli-American, was a psychologist recognized as a pioneer in behavioral economics. He majored in psychology at the Hebrew University of Jerusalem and the University of California, Berkeley. While serving as a professor at Hebrew University, he met his academic colleague Amos Tversky and began joint research. In 2002, he was awarded the Nobel Prize in Economics for integrating psychological insights into economics.

The Royal Swedish Academy of Sciences stated that Kahneman was selected as a Nobel laureate for integrating psychological insights related to human judgment and decision-making under uncertainty into economics. Starting with Kahneman, several behavioral economists, including Richard Thaler of the University of Chicago, have received the Nobel Prize in Economics.

Behavioral economics, researched by Kahneman, is a field of economics that analyzes human behavior from psychological, sociological, and physiological perspectives and clarifies the results. It contrasts with mainstream economics, which assumes humans as rational beings who prioritize their own interests and act based on material incentives. It focuses on emotions and psychological aspects under the assumption that humans sometimes behave irrationally.

Kahneman's behavioral economics has been widely applied beyond psychology and economics to various fields such as law, marketing, politics, administration, and investment.

Kahneman also authored numerous books, including the 2011 bestseller Thinking, Fast and Slow.

Eldar Shafir, a former colleague at Princeton University, described Professor Kahneman as a "giant of behavioral economics" and said he would be remembered as a scholar who influenced many fields of social science.