Your current location:HOME >travel >VOX POPULI: Remembering the psychologist who changed the face of economics 正文
TIME:2024-05-21 15:28:03 Source: Internet compilationEdit:travel
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.
Baby Reindeer's real2024-05-21 14:43
Pink Princess and wannabe fashion designer Maria Chiara rocks DIY dress in Cannes2024-05-21 14:19
Syria to develop renewable energy projects to resolve electricity shortage: minister2024-05-21 13:55
Texas judge orders new election after GOP lawsuit challenged 2022 election result in Houston area2024-05-21 13:40
Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang2024-05-21 13:34
US proposes ending new federal leases in nation's biggest coal region2024-05-21 13:32
Jeremy Wells leads the way for club pros at PGA Championship2024-05-21 13:25
Jeremy Wells leads the way for club pros at PGA Championship2024-05-21 13:22
Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient2024-05-21 13:16
Space tech expo convenes in California, showcasing latest in space industry2024-05-21 13:11
Here comes the char2024-05-21 15:27
Man arrested in 1989 killing of 782024-05-21 15:22
Pair of late 32024-05-21 15:13
Special bonds aim to promote demand, growth2024-05-21 14:59
Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue2024-05-21 14:41
Wembanyama headlines France's preliminary roster for Paris Olympics basketball tournament2024-05-21 13:56
Will Smith calls estranged wife Jada Pinkett Smith one of his 'ride2024-05-21 13:53
Philadelphia still the 6th2024-05-21 13:51
OpenAI pauses ChatGPT voice after Scarlett Johansson comparisons2024-05-21 13:06
Belarus targets opposition activists with raids and property seizures2024-05-21 13:00