Tag: Daniel Kahneman
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The Irrational Consumer: Why Economics Is Dead Wrong About How We Make Choices
Atlantic: The Irrational Consumer: Why Economics Is Dead Wrong About How We Make Choices A new paper reviews how psychology, biology, and neurology are ganging up on economics to prove that, when it comes to making decisions, people are anything but rational. Daniel McFadden is an economist. But his new paper, "The New Science of…
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Money Buys Happiness Only to a Point (About $60,000)
BoingBoing: CNN: Ten Big Ideas from TED "Psychologist and Nobel Laureate Daniel Kahneman says millions of dollars won't buy you happiness, but a job that pays $60,000 a year might help. Happiness levels increase up to the $60K mark, but "above that it's a flat line," he said. "Money does not buy you experiential happiness…
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Nobel Laureate Debunks Economic Theory
Forbes: Nobel Laureate Debunks Economic Theory NEW YORK – Daniel Kahneman isn't an economist, but he wins prizes like one. A psychology professor at Princeton's Woodrow Wilson School of Public and International Affairs, Kahneman won the Nobel Prize in economics last month for his work–much of it done with the late Amos Tversky–on decision-making under…
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Stepping off the treadmill
Free Exchange: Stepping off the treadmill IN response to the question "What have you changed your mind about?", Princeton psychologist and economics Nobelist Daniel Kahneman mentions the "aspiration treadmill", the idea that we simply readjust our expectations upward once we have reached a certain level of success. This would help explain why people who have…