Nobel Prize winner Daniel Kahneman’s lessons for investors
The pioneer of behavioural economics, who died on March 27 aged 90, dispelled the idea that people will always make rational decisions in their own self-interest.
Despite winning a Nobel Prize in economics, Daniel Kahneman was an unlikely economist. For one, he never undertook a single course in economics. For another, he was a psychologist. His body of research is vast and multi-faceted, but at its core it challenged conventional wisdom on how we make investing decisions.
With his colleague Amos Tversky, Kahneman was the pioneer of behavioural economics and is well known for having dispelled the idea that people will always make rational decisions in their own self-interest.
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Tim Mackay is an independent financial adviser at Quantum Financial.
