Daniel Kahneman, the Nobel Prize laureate who revolutionized behavioral economics with his groundbreaking theories, has passed away at the age of 90, as confirmed by his employer on Wednesday.
Kahneman, the author of the best-selling “Thinking, Fast and Slow,” challenged the belief that human behavior is grounded in rational decision-making, proposing instead that it is often driven by instinct.
His long-time institution, Princeton University, where the Israeli-American scholar served until his demise, acknowledged his death on their website.
“His presence transformed many fields within the social sciences. He will be deeply missed,” remarked Eldar Shafir, a former colleague and professor, in a press release.
Kahneman received the Nobel Memorial Prize in Economic Sciences in 2002, honoring his contributions to psychology and economics.
He is renowned for his theory which contests the traditional economic assumption of complete rationality and self-interest in human behavior, suggesting that cognitive biases frequently skew judgment.
