WARWICK LUCAS: The research that revealed our biases
Two behavioural economists formulated the prospect theory, which shows how people form judgments and make decisions
25 April 2024 - 08:00
The recent passing of behavioural economist Daniel Kahneman reminded me of the great insights I gained from reading Michael Lewis’s The Undoing Project, the story of the friendship and collaboration between Amos Tversky and Kahneman.
They founded much of the field of behavioural economics, which contrasts with traditional economic theory by reminding us that all decision-making risks our human frailties...
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