Revolutionary theories

Nobel Prize winner Daniel Kahneman (90) dies

The psychologist was best known for his research into how people deal with money.

(Bild: APA/Getty Images via AFP/GETTY IMAGES/ROB KIM)

The US-Israeli psychologist Daniel Kahneman, who was awarded the Nobel Prize for Economics for his research into how people deal with money, has died at the age of 90. This was announced on Wednesday by the elite US university Princeton, where Kahneman taught until his death.

The author of the bestseller "Think Fast, Think Slow" was of the opinion that human behavior is not based on a rational decision-making process, but often on instinctive action.

"Many things are no longer the same"
Kahneman's former colleague Eldar Shafir commented on the deceased in a press release: "Many areas of the social sciences have not been the same since he appeared on the scene. We will miss him very much."

In 2002, Kahneman was awarded the Alfred Nobel Memorial Prize in Economic Sciences for his research in the fields of psychology and economics. In 2013, he was awarded the Presidential Medal of Freedom by then US President Barack Obama.

Turned theories on their head
His most popular theory turned against traditional economic approaches, according to which people are completely rational and self-interested. Instead, he argued that people have mental biases that can distort their judgment.