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Decisions, decisions

Daniel Kahneman was one of the founders of behavioural economics in the 1970s. His new book shows that he remains an indispensable thinker

By Emmanuel Roman   December 2011

Taming the beasts: The Bulls and Bears in the Market (1879) by William Holbrook Beard

Thinking Fast and Slow

by Daniel Kahneman (Allen Lane, £25)

For a long time, economists have tried to deal with the problem of decision-making. Daniel Kahneman, in his new book Thinking Fast and Slow, argues that, until he and his colleague Amos Tversky started behavioural economics in the 1970s, economists had been misguided. And for better or for worse, he is mostly right.

Think of a person offered the following gamble. Flip a coin; tails wins £50 and heads, just as likely as tails,…

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