Key Points
Developed along with Amos Tversky, the theory suggested altering the way we consider our options when faced with risk...
In a series of startlingly innovative studies, the two psychologists upended conventional wisdom about decision-making, and demonstrated how the human mind consistently makes mistakes when making decisions in unpredictable circumstances..
Kahneman and Tversky's studies to refute traditional theories gave rise to the psychology-based discipline of 'behavioural economics'..
Price was somewhat inspired by a 2010 paper by Kahneman and Angus Deaton, which suggested that happiness and well-being increase with income, but only up to $75,000 annually..
Even before the advent of ChatGPT, Kahneman stated in a 2021 interview that while technology is advancing quickly - possibly exponentially - humans' development is linear..
