Current location:Planet Perspective news portal > style
VOX POPULI: Remembering the psychologist who changed the face of economics
Planet Perspective news portal2024-05-21 06:53:45【style】7People have gathered around
IntroductionA 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.
Address of this article:http://centralafricanrepublic.boluescortbayan.net/content-28e499963.html
Very good!(74823)
Previous: The unstoppable duo of Emma Stone and Yorgos Lanthimos
Next: The Latest
Related articles
- Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
- 10 indicted on charges of theft from Tuskegee University
- PEN America, facing ongoing criticism over its response to the Mideast war, gathers for annual gala
- From girl next door to Mrs Bezos
- Company wins court ruling to continue development of Michigan factory serving EV industry
- Trump hush money trial: Defense lawyers question Michael Cohen's credibility
- Police dismantle pro
- Paige Spiranac backs Rory McIlroy to WIN PGA Championship
- Dodgers acquire pitcher Yohan Ramírez from Mets for cash
- In boost to Olympic ambitions, Istanbul moves closer to hosting 2027 European Games.
Popular articles
Recommended
Mohammad Mokhber: Who is Iran’s acting president?
The Biden administration is planning more changes to quicken asylum processing for new migrants
Shaquille O'Neal, 7ft1in, towers over Sarah Jessica Parker, 5ft3in, as the pair pose up at the star
JFK airport project misrepresented as not allowing bids from white, male
Liverpool confirms Arne Slot as Jurgen Klopp's replacement
Emily Ratajkowski dazzles in plunging spiral print dress at the 2024 Whitney Gala
REVEALED: Details of bitter feud between Maine $1.3B lottery winner and his warring family
Prince George will lead a 'less formal and starchy' modern monarchy when he is King
Links
- Kids' tour to Harbin becomes online hit
- New railway set to bolster connectivity, development
- Domestic travel agencies suspend all tours to Israel
- China arrests over 1,500 for illegal acts related to cyberspace rumors
- Members of Chinese Olympic delegation arrive in Tokyo
- Xi Presents Order to Promote Military Officers to Rank of General
- Nadal beats Djokovic in straight sets to win 13th French Open title
- Xi Jinping's Selected Works Published in 7 Ethnic Minority Languages
- Chinese tourists' return greeted by destinations
- Bulgaria, Romania to join Schengen area