![]() ![]() The paper took me thirty minutes to read from start to finish, but my life had changed forever.” Thaler recounts that as he read the Kahneman-Tversky paper, his “heart started pounding the way it might during the final minutes of a close game. Kahneman and Tversky provided evidence that people’s departures from economic rationality are not just random “dumb stuff people do,” but the result of systematic-and therefore predictable-features of human psychology. Thaler to a paper by the young psychologists Daniel Kahneman and Amos Tversky. He initially thought it would be impossible to publish these observations, assuming that no respectable economics journal would accept a paper called “Dumb stuff people do.”īut a fortunate tip led Mr. Thaler maintained a list of departures from perfect economic rationality that can be observed in everyday life-cases of ordinary human behavior that are considered “misbehaving” as judged by the norms of classical economics. Spock than with actual humans.Įarly on, Mr. They have more in common with Star Trek’s perfectly rational Mr. In the vernacular, the idealized actors of classical economics ("Econs") are characterized by unbounded rationality, self-interest and self-control. ![]()
0 Comments
Leave a Reply. |