Daniel Kahneman in the context of "Ed Diener"

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⭐ Core Definition: Daniel Kahneman

Daniel Kahneman (/ˈkɑːnəmən/; Hebrew: דניאל כהנמן; March 5, 1934 – March 27, 2024) was an Israeli-American psychologist best known for his work on the psychology of judgment and decision-making as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences together with Vernon L. Smith. Kahneman's published empirical findings challenge the assumption of human rationality prevailing in modern economic theory. Kahneman became known as the "grandfather of behavioral economics."

With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases, and developed prospect theory. In 2011, Kahneman was named by Foreign Policy magazine in its list of top global thinkers. In the same year, his book Thinking, Fast and Slow, which summarizes much of his research, was published and became a best seller. In 2015, The Economist listed him as the seventh most influential economist in the world.

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👉 Daniel Kahneman in the context of Ed Diener

Edward Francis Diener (July 25, 1946 – April 27, 2021) was an American psychologist and author. Diener was a professor of psychology at the University of Utah and the University of Virginia, and Joseph R. Smiley Distinguished Professor Emeritus at the University of Illinois, as well as a senior scientist for the Gallup Organization. He is noted for his three decades of research on happiness, including work on temperament and personality influences on well-being, theories of well-being, income and well-being, cultural influences on well-being, and the measurement of well-being. As shown on Google Scholar as of April 2021, Diener's publications have been cited over 392,000 times.

For his fundamental research on the subject, Diener was nicknamed Dr. Happiness. Researchers he has worked with include Daniel Kahneman, Martin Seligman, and Shigehiro Oishi.

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Daniel Kahneman in the context of Heuristic (psychology)

Heuristics (from Ancient Greek εὑρίσκω (heurískō) 'to find, discover') is the process by which humans use mental shortcuts to arrive at decisions. Heuristics are simple strategies that humans, animals, organizations, and even machines use to quickly form judgments, make decisions, and find solutions to complex problems. Often this involves focusing on the most relevant aspects of a problem or situation to formulate a solution. While heuristic processes are used to find the answers and solutions that are most likely to work or be correct, they are not always right or the most accurate. Judgments and decisions based on heuristics are simply good enough to satisfy a pressing need in situations of uncertainty, where information is incomplete. In that sense they can differ from answers given by logic and probability.

The economist and cognitive psychologist Herbert A. Simon introduced the concept of heuristics in the 1950s, suggesting there were limitations to rational decision making. In the 1970s, psychologists Amos Tversky and Daniel Kahneman added to the field with their research on cognitive bias. It was their work that introduced specific heuristic models, a field which has only expanded since. While some argue that pure laziness is behind the heuristics process, this could just be a simplified explanation for why people don't act the way we expected them to. Other theories argue that it can be more accurate than decisions based on every known factor and consequence, such as the less-is-more effect.

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Daniel Kahneman in the context of Amos Tversky

Amos Nathan Tversky (Hebrew: עמוס טברסקי; March 16, 1937 – June 2, 1996) was an Israeli cognitive and mathematical psychologist and a key figure in the discovery of systematic human cognitive bias and handling of risk.

Much of his early work concerned the foundations of measurement. He was co-author of a three-volume treatise, Foundations of Measurement. His early work with Daniel Kahneman focused on the psychology of prediction and probability judgment; later they worked together to develop prospect theory, which aims to explain irrational human economic choices and is considered one of the seminal works of behavioral economics.

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