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The Nobel Memorial Laureates in Economics

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.


Howard R. Vane and Chris Mulhearn

Subjects: economics and finance, economic psychology, history of economic thought


THE 2002 NOBEL MEMORIAL LAUREATES DANIEL KAHNEMAN AND VERNON SMITH DANIEL KAHNEMAN Daniel Kahneman (b. 1934) © The Nobel Foundation Daniel Kahneman was born in Tel Aviv (now in Israel) in 1934 while his mother was visiting family there. His parents were Lithuanian Jews who had emigrated to France in the early 1920s and Kahneman spent his childhood in Paris. Following the German invasion the family fled to Vichy France, though not before Kahneman’s father had been interned for a time in the notorious Drancy transit camp. After the war, Kahneman moved to Palestine with his mother and sister. His father had died of diabetes a short time before the Allied invasion of Normandy (Nobel Foundation, 2004). Kahneman’s decision to become a psychologist rested on his youthful interest in questions about faith, human existence and morality. Interestingly, the vocational guidance he received before university suggested that he should study psychology, but economics came a close second. He was awarded a BA in psychology and mathematics at the Hebrew University, Jerusalem in 1954 and a PhD in psychology from the University of California, Berkeley in 1961. Kahneman was a visiting scientist in the Department of Psychology at the University of Michigan in 1965–66 and Lecturer in Psychology at Harvard University in 1966–67. He worked at the Applied Psychological Research Unit at Cambridge University in 1968–69. 308 DANIEL KAHNEMAN Between 1970 and 1978 he returned to Jerusalem and was first associate professor and then professor at the Hebrew University. In...

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