Your current location:HOME >health >VOX POPULI: Remembering the psychologist who changed the face of economics 正文
TIME:2024-05-22 10:06:47 Source: Internet compilationEdit:health
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.
Protesters against war in Gaza interrupt Blinken repeatedly in the Senate2024-05-22 09:58
Victoria Beckham shows off her £300 mobility scooter while out with husband David2024-05-22 09:52
TOWIE's Kirk Norcross introduces glamorous new girlfriend Ashton2024-05-22 09:32
Biden hosts Czech leader at White House to promote Ukraine aid amid holdup in Congress2024-05-22 09:26
Yemen's Iran2024-05-22 08:45
Solomon Islands election to test pro2024-05-22 08:42
Much of central US faces severe thunderstorm threat and possible tornadoes2024-05-22 08:41
Displaced Lebanese long for home as Hezbollah2024-05-22 08:37
Hundreds of hostages, mostly women and children, are rescued from Boko Haram extremists in Nigeria2024-05-22 08:34
Bill Zito has a new title with the Florida Panthers. He's now president of hockey operations2024-05-22 08:31
Singapore Airlines: 1 dead, others injured after London2024-05-22 09:02
EU agrees to open accession talks with Bosnia and Herzegovina2024-05-22 08:56
Cambodia's famed Angkor attracts nearly 540,000 int'l tourists in first 9 months2024-05-22 08:54
Marcos says Duterte struck ‘secret’ deal with Beijing on South China Sea — Radio Free Asia2024-05-22 08:49
Trump says he is open to restrictions on contraception before backing away from the statement2024-05-22 08:41
Trump Media stock slides again to bring it nearly 60% below peak2024-05-22 08:19
Marcos says Duterte struck ‘secret’ deal with Beijing on South China Sea — Radio Free Asia2024-05-22 08:16
Much of central US faces severe thunderstorm threat and possible tornadoes2024-05-22 07:55
Weather forecasters warn Pakistanis to stay indoors ahead of new heat wave2024-05-22 07:53
Man City star Jack Grealish reveals new night2024-05-22 07:52