Your current location:HOME >business >VOX POPULI: Remembering the psychologist who changed the face of economics 正文
TIME:2024-05-21 06:25:44 Source: Internet compilationEdit:business
A bat and a ball cost $1.10 together. If the bat costs $1 more than the ball, how much is the ball?T
A bat and a ball cost $1.10 together. If the bat costs $1 more than the ball, how much is the ball?
That was the question Daniel Kahneman (1934-2024), professor emeritus of psychology and public affairs at Princeton University, used to ask students at three prestigious U.S. universities, including Harvard.
To his shock, more than half of the students gave wrong answers.
A psychologist by profession, Kahneman analyzed the psyche of his students, which led him to the assumption that even those who gave the correct answer--“5 cents”--must have thought “10 cents” at first.
He concluded that humans err because they tend to rely solely on intuition, and that the students who got the answer right did so only because they somehow managed to self-correct.
Through his experiments and research from the psychological perspective, Kahneman co-founded behavioral economics.
He was initially treated as a heretic in academic circles.
Why does the pain of losing 100 dollars feel much stronger than the joy of gaining 100 dollars? This cannot be explained by one of the axioms of economics, which is that humans make decisions based on reason.
Eventually, Kahneman won high acclaim for his successful application of psychology and human emotions to economic analysis.
When he was co-awarded the 2002 Nobel Memorial Prize in Economic Sciences, people were surprised by the fact that he was a psychologist.
Kahneman challenged and greatly changed the traditional theories of economics. He died on March 27 at age 90.
As someone who studied economics with no knowledge of behavioral economics, I now find Kahneman’s books and papers immensely convincing.
At the time, I was getting sick and tired of complicated formulas and graphs, and I never thought they would be useful in real life.
Whether examining the lost three decades or the ultra-loose monetary policies that the Bank of Japan has finally ended, the economy in real life does not function as planned.
I wonder if the “heart” Kahneman was passionate about exists at all in the nation’s current economic policies.
--The Asahi Shimbun, March 29
* *
*Vox Populi, Vox Dei is a popular daily column that takes up a wide range of topics, including culture, arts and social trends and developments. Written by veteran Asahi Shimbun writers, the column provides useful perspectives on and insights into contemporary Japan and its culture.
Mohammad Mokhber: Who is Iran’s acting president?2024-05-21 06:03
Australian woman denies murdering her former husband's relatives with poisonous mushroom lunch2024-05-21 05:09
Nimmo, Manaea and Díaz lead the Mets to a 42024-05-21 05:08
The Celtics and Cavaliers last met in playoffs in 2018. This time Boston is the team to beat2024-05-21 05:03
What's next for Iran after death of its president in crash?2024-05-21 04:59
Zimbabwe wins toss and bats first in 3rd T20 against Bangladesh2024-05-21 04:58
FBI lays out detailed case against Florida man accused in wife's disappearance in Spain2024-05-21 04:56
Madonna fans hail the 'iconic' age2024-05-21 04:33
Jon Wysocki dead at 53: Staind drummer passes away2024-05-21 04:20
Blackpink fans joke that singer Rosé, 27, is a jinx that breaks up high2024-05-21 03:56
Why US Catholics are planning pilgrimages in communities across the nation2024-05-21 06:24
Australian boy killed by police was in deradicalization program since causing school explosion2024-05-21 05:23
Is this where Gillian Anderson keeps her X2024-05-21 05:18
Details of UK military personnel exposed in huge payroll data breach2024-05-21 04:55
Target to lower prices on basic goods in response to inflation2024-05-21 04:40
Lured by Rolling Stones performance, half2024-05-21 04:37
Brooke Shields and model daughter Grier Henchy, 18, get matching tattoos with a sentimental meaning2024-05-21 04:35
The Celtics and Cavaliers last met in playoffs in 2018. This time Boston is the team to beat2024-05-21 04:30
The government wants to buy their flood2024-05-21 04:14
Charlotte Crosby rocks a trendy white bikini while embarking on snorkelling excursion in Oz2024-05-21 03:58