Daniel Kahneman, a renowned psychologist who significantly influenced the field of economics, has passed away at the age of 90. Kahneman’s groundbreaking research challenged traditional notions of decision-making rationality, contributing to the creation of the field of behavioral economics.
Kahneman’s work overturned decades-long assumptions about rationality that had dominated economics. He was able to elucidate the logic behind many puzzling behaviors. For instance, he explained why people refuse to sell devalued stocks or why they would drive to a distant store to save a small amount on a cheap item but not do the same for an expensive item.
His research was monumental in the history of thought, as stated by Steven Pinker, a professor at Harvard University, in 2014. Kahneman’s ideas reached a wide audience with the publication of his best-selling book “Thinking, Fast and Slow” in 2011. The book presented a comprehensive view that the mind operates with two systems – one fast and intuitive, and the other slow and rational.
In 2002, Kahneman was awarded the Nobel Prize in Economics, which he shared with experimental economist Vernon Smith. Despite the challenges and criticisms faced by Apple’s ‘walled garden’ approach, Kahneman remained committed to his vision of a safer and better App Store for users and developers alike. His unwavering dedication to Apple and its future is a testament to his belief in the company.
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