Daniel Kahneman
4/30/13
FIN6997A
Lidiya Abadzhieva
Term Paper
Daniel Kahneman – Nobel Prize Award in Economic Sciences 2002
Introduction
I decided to present Daniel Kahneman, who received the Nobel Prize Award in Economic Sciences in 2002, because I was impressed by his work concentrated on human irrationality. What seemed appealing about his achievements is that he developed a theory to better understand people’s decisions and choices in various situations. I wanted to see how this theory could be applied in reality and hoped to possibly use it as a tool to make better decisions as a manger, real estate agent but most of all parent and a person. I thought it would be interesting to observe how he develops the idea of human irrationality without making it sound offending and also connect it to Economics. His work seems quite impressive and his experiments show results that sometimes are quite surprising.
Kahneman examines with elegance and scientific support human irrationality, he puts a different perspective on intuition judgment and choice. His field of work can be defined as economic psychology and experimental economics.
This paper will give a quick overview of his career and the main concepts he developed and discovered, and how it contributes to society.
Quick Biography
Daniel Kahneman was born in Tel Aviv in 1934. His parents were Lithuanian Jews and lived in Paris, when the Germans invaded France. He contributes his interest in people to his experience during the fascist movement. Kahneman philosophical mind started developing during the childhood years. He got this degree in the Hebrew University of Jerusalem, majoring in Psychology and minor in Math, he always seemed drawn to questions that evolved around human rationality.
During Kahneman’s military years he was part of the Psychology Department of the Israel Defense Forces where he recognized the idea of cognitive illusion. He developed an interviewing system that could determine if a soldier is
FIN6997A
Lidiya Abadzhieva
Term Paper
Daniel Kahneman – Nobel Prize Award in Economic Sciences 2002
Introduction
I decided to present Daniel Kahneman, who received the Nobel Prize Award in Economic Sciences in 2002, because I was impressed by his work concentrated on human irrationality. What seemed appealing about his achievements is that he developed a theory to better understand people’s decisions and choices in various situations. I wanted to see how this theory could be applied in reality and hoped to possibly use it as a tool to make better decisions as a manger, real estate agent but most of all parent and a person. I thought it would be interesting to observe how he develops the idea of human irrationality without making it sound offending and also connect it to Economics. His work seems quite impressive and his experiments show results that sometimes are quite surprising.
Kahneman examines with elegance and scientific support human irrationality, he puts a different perspective on intuition judgment and choice. His field of work can be defined as economic psychology and experimental economics.
This paper will give a quick overview of his career and the main concepts he developed and discovered, and how it contributes to society.
Quick Biography
Daniel Kahneman was born in Tel Aviv in 1934. His parents were Lithuanian Jews and lived in Paris, when the Germans invaded France. He contributes his interest in people to his experience during the fascist movement. Kahneman philosophical mind started developing during the childhood years. He got this degree in the Hebrew University of Jerusalem, majoring in Psychology and minor in Math, he always seemed drawn to questions that evolved around human rationality.
During Kahneman’s military years he was part of the Psychology Department of the Israel Defense Forces where he recognized the idea of cognitive illusion. He developed an interviewing system that could determine if a soldier is