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Daniel Kahneman Interview: Less-Than-Rational Actors

September 11, 2017 By Tom Nunlist

Before Daniel Kahneman, few if any psychologists influenced the field of economics. But the Nobel laureate reversed the assumption underpinning most economic theories: people always make rational choices. “People are rational, except they are myopic,” says Kahneman. As a result of his work, which pioneered the ideas of behavioral economics, individuals learned how to modify their less-than-perfect decisions and organizations learned to take human limitations into consideration in decision-making. In this interview, Kahneman talks about the history of his research, how he, who began as a psychologist, ended up influencing economics, and why his work generated so much impact.

Filed Under: All Articles, Economics, Opinion, Q&A, The Thinker Interview Tagged With: behavioral economics, chioce architecture, human behaviour, psychology and economics, the assumption of rationality

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