The Human Side of Decision Making: Thinking Things Through with Daniel Kahneman, PhD

Abstract

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.

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