It's been 10 years since Daniel Kahneman, a Princeton psychologist, won the Nobel Prize for Economics for his research on decision-making. He won for "having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty." Those 18 words from the Nobel Foundation ushered behavioral economics into the mainstream from its previous home in academia. (Kahneman shared the prize that year with economist Vernon Smith from George Mason University.)
Behavioral economics shuns one of the primary assumptions of classical economics—that people and companies make completely rational decisions. Consequently, it draws very different conclusions.
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