Daniel Kahneman

Daniel Kahneman is a psychologist who received the 2002 Nobel Prize in Economics — despite never having formally studied economics — for his work with Amos Tversky on human judgment under uncertainty. Their prospect theory showed that people weight losses more heavily than equivalent gains (loss aversion), evaluate outcomes relative to reference points rather than absolute levels, and systematically use mental shortcuts that lead to predictable errors. His bestselling book "Thinking, Fast and Slow" (2011) made these insights accessible to millions. He passed away in 2024. His concept of System 1 (fast, intuitive) versus System 2 (slow, deliberate) thinking has been widely adopted by financial practitioners designing better decision frameworks, robo-advisors calibrating behavioral nudges, and regulators structuring disclosure requirements to reduce the influence of cognitive biases on retail investor choices and outcomes.