NOS News•today, 11:12
Israeli-American psychologist Daniel Kahneman, who was awarded the Nobel Prize for Economics in 2002, has died at the age of 90. This was reported by his wife and his employer Princeton University.
Kahneman was best known for his work on the importance of intuition in making financial decisions, and together with permanent academic partner Amos Tversky, he founded the scientific discipline behavioral economics (behavioral economics). His book on this subject for a general audience, Thinking, Fast and Slow became a bestseller in 2011.
The central idea is that people act much less rationally when deciding on a new job or a major purchase than was previously assumed: intuition plays a major role in such a decision, and this is then justified by people afterwards if considered decision.
Golden eggs
For example, in the 1970s, Kahneman and Tversky concluded that most people react more intensely to financial loss than to equal gain, and that this can lead to clinging to the status quo, even against self-interest. This principle was later named loss aversion (loss aversion).
Kahneman single-handedly won the Nobel Prize for Economics in 2002, because his academic partner Tversky had already died in 1996. The two worked together so intensively for decades that they tossed a coin to see who could become the first author of their first joint publication, and then simply took turns taking that honor.
“Amos and I shared the wonder that together we possess the goose that laid the golden eggs – a collective mind that was better than any of us individually,” Kahneman later recalled of his partner.
Kahneman briefly explains what his work is all about:
 has died){kind=link}