Behavioral Grooves Podcast
...Ridiculous Ep. 2: Importing Psychology
Feb 26, 2024
Explore the challenges of merging psychology with economics and the impact of Daniel Kahneman and Amos Tversky's research on human decision-making. Learn about cognitive biases, Prospect Theory, and the birth of Behavioral Economics through influential collaborations and pivotal discussions in the late 70s.
39:42
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Quick takeaways
- Merging psychology with economics revealed consistent human biases in decision-making processes, challenging traditional economic assumptions.
- Kahneman and Tversky's collaborative research on heuristics reshaped understanding of human decision-making, paving the way for behavioral economics.
Deep dives
The Emergence of Behavioral Economics
Behavioral economics gained traction as economists like Richard Thaler, influenced by psychologists like Amos Tversky and Daniel Kahneman, challenged traditional economic assumptions. Tversky and Kahneman's insights on systematic bias, availability heuristic, anchoring heuristic, and representativeness heuristic highlighted how individuals deviate from rational decision-making. Their collaborative work revolutionized the field by revealing consistent human biases in decision-making processes.
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