Daniel Kahneman. Photo by nrkbeta. Wikimedia Commons.

Top 10 Interesting Facts about Daniel Kahneman


 

Daniel Kahneman is a well-known America-Israeli psychologist and economist. He is also an author of many bestselling books like Thinking Fast and Slow. He received the 2002 Nobel Memorial Prize in Economic Sciences making him a Nobel Laureate. Daniel is a professor at Princeton University, Department of Psychology.

Daniel Kahneman is famous for his work on human judgment and decision-making both separately and as applied to economic theory. He is considered the father of the ‘prospect theory’. This theory challenges the assumption of human rationality prevailing in modern economic theory.

He remains a respected and highly quoted psychologist who has made contributions to society today. His legacy stands rock solid. Let us now look at the Top 10 Interesting Facts about Daniel Kahneman.

1. He is a Nobel laureate

In a fireside chat at the 2019 OurCrowd Global Investor Summit, Alec Ellison interviews Nobel Prize Laureate Daniel Kahneman. Photo by קובי קואנקס. Wikimedia Commons.

David Kahneman was awarded the Nobel Prize in Economic Sciences in October 2002. Together with his colleague Amos Tversky, the two made groundbreaking work in applying psychological insights to economic theory. They explored the areas of judgment and economic decision-making under uncertainty as it relates to psychology. Daniel Kahneman and Vernon L. Smith were awarded the same Nobel Prize. They shared the one million dollars that came with the Nobel.

2. He was awarded the U.S. Presidential medal of freedom

The presidential Medal of Freedom is a prestigious award. It is given to individuals who have made meritorious contributions to the security or national interests of Unite States, to world peace, or to cultural and other significant private or public endeavors. Daniel Kahneman was given the award because he is a pioneering scholar of psychology. He was also given the award for appreciating the foundation he laid for the application of psychology to economic analysis. He was given the award by the then president, Barrack Obama.

3. He is a published author

A quote from the book Thinking Fast and Slow by Daniel Kahneman. Photo by Davood shafiey. Wikimedia Commons.

David Kahneman published ‘Thinking, Fast and Slow’ in 2011. This book summarizes the research that he has conducted over time. The book is a bestseller with over 2.6 million sold copies. Many investors love the book because it covers key areas. He argues in the book that human decision-making is influenced by irrational factors such as heuristics and cognitive biases. Other books by him include; Noise, Judgement under uncertainty, and Choices, Values, and Frames.

4. He developed the prospect theory

Together with Amos Tversky, Daniel Kahneman developed the prospect theory. Their paper, ‘Prospect theory: an analysis of decision under risk’ has the highest citation count of all articles published in Econometrica. Econometrica is among the most prestigious economic journals. The prospect theory focuses on how human beings make decisions when facing financial risks. The theory posits that in such situations, individuals react to perceived changes in gains and losses as opposed to maximizing utility.

5. He was born in Israel because his parents were visiting relatives

His parents were Lithuanian Jews who had migrated to France in the early 1920s. Daniel Kahneman was born in Tel Aviv while his mother was visiting her extended family. He however spent his childhood in Paris, France. His father was the head of research in a chemical factory.

6. His parents constantly moved to avoid Nazis

When Daniel Kahneman was 7 years old, his father was arrested by German soldiers. He spent six weeks in a detention camp. After he was released, his family fled to another region of the country. They then moved from village to village and eventually settled in the center of France. His father died in 1944 from poorly managed diabetes. After France was liberated, Kahneman, his mother, and his sister moved to Palestine and joined other members of their family.

7. Daniel Kahneman has had two wives

Honorary degree recipient Anne Treisman speaking at Congregation ceremony 2004. Photo by UBC Library-University Archives. Wikimedia Commons.

Kahneman’s first wife was Irah Kahneman. She was an Israeli educational psychologist. The two had a son and a daughter together. The daughter works in the technology industry while the son has schizophrenia. His second wife was Anne Treisman. They got married in 1978. She was a cognitive psychologist. She died in 2018 from a stroke in her home in Manhattan.

8. His intellectual development was influenced by Yeshayahu Leibowitz

Yeshayahu Leibowitz was Kahneman’s chemistry teacher at Beit-Hakerem High School. He was also his psychology professor at the university. He revered this lecturer. Kahneman gives testimony of going to his class with a fever of 41 degrees Celsius because his lecturers were simply not to be missed. Yeshayahu’s son was Kanheman’s friend and he ended up spending a lot of time at their house. Yeshayahu Leibowitz was born on 29th January 1903 and died on 18th August 1994. He is a known figure in Israel since he was a public intellectual and a polymath. He was a professor at the Hebrew University of Jerusalem.

9. He developed an interest in psychology at an early age

Prof. Daniel Kahneman and Prof. Maya Bar Hillel talking about Kahneman’s research. Photo by Ohadinbar. Wikimedia Commons.

David Kahneman developed a fascination for the complexity of human behavior. This came from his interactions with the Nazis at an early age during World War 2. He compiled a notebook of essays detailing his reflections on various aspects of life. He wrote on the subject of faith before the age of 11. By the age of 17, he had ascertained that he wanted to study psychology.

10. He had an encounter with a German soldier

In the 1940s, Jews were required to wear the Star of Davis and obey a 6 pm curfew. Kahneman had gone to play at a friend’s and thereby returned home late. He turned his sweater inside out and walked home. On the way, he met with a German soldier. Daniel Kahneman feared that he would notice the star on his sweater and the worst would come to the worst. However, the German soldier hugged him and gave him some cash. This experience made Daniel believe even more that human beings were endlessly complicated and interesting.

 

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