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Amos Tversky
Amos Nathan Tversky ( he, עמוס טברסקי; March 16, 1937 – June 2, 1996) was an Israeli cognitive and mathematical psychologist and a key figure in the discovery of systematic human cognitive bias and handling of risk. Much of his early work concerned the foundations of measurement. He was co-author of a three-volume treatise, ''Foundations of Measurement''. His early work with Daniel Kahneman focused on the psychology of prediction and probability judgment; later they worked together to develop prospect theory, which aims to explain irrational human economic choices and is considered one of the seminal works of behavioral economics. Six years after Tversky's death, Kahneman received the 2002 Nobel Memorial Prize in Economic Sciences for work he did in collaboration with Amos Tversky. While Nobel Prizes are not awarded posthumously, Kahneman has commented that he feels "it is a joint prize. We were twinned for more than a decade." Tversky also collaborated with man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Haifa
Haifa ( he, חֵיפָה ' ; ar, حَيْفَا ') is the third-largest city in Israel—after Jerusalem and Tel Aviv—with a population of in . The city of Haifa forms part of the Haifa metropolitan area, the third-most populous metropolitan area in Israel. It is home to the Baháʼí Faith's Baháʼí World Centre, and is a UNESCO World Heritage Site and a destination for Baháʼí pilgrimage. Built on the slopes of Mount Carmel, the settlement has a history spanning more than 3,000 years. The earliest known settlement in the vicinity was Tell Abu Hawam, a small port city established in the Late Bronze Age (14th century BCE). Encyclopedia Judaica, ''Haifa'', Keter Publishing, Jerusalem, 1972, vol. 7, pp. 1134–1139 In the 3rd century CE, Haifa was known as a dye-making center. Over the millennia, the Haifa area has changed hands: being conquered and ruled by the Canaanites, Israelites, Phoenicians, Assyrians, Babylonians, Persians, Hasmoneans, Romans, Byzantines, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruma Falk
Ruma Falk ( he, רומה פלק, née Oren-Aharonovich, 1932–2020) was an Israeli psychologist and philosopher of mathematics known for her work on probability theory and human understanding of probability and statistics. Life Falk was born in Jerusalem, and educated at the Herzliya Hebrew Gymnasium and Hebrew University of Jerusalem. She completed her PhD on the perception of chance at the Hebrew University in 1975 under the supervision of Amos Tversky, and became a professor there. She was married to Raphael Falk, a geneticist and historian of science. Recognition Falk won the George Pólya Award of the Mathematical Association of America with Maya Bar-Hillel in 1984 for their joint work on probability. Selected works Falk was the author of books including: * ''Understanding Probability and Statistics: A Book of Problems'' (A K Peters A K Peters, Ltd. was a publisher of scientific and technical books, specializing in mathematics and in computer graphics, robotics, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Gilovich
Thomas Dashiff Gilovich (born January 16, 1954) an American psychologist who is the Irene Blecker Rosenfeld Professor of Psychology at Cornell University. He has conducted research in social psychology, decision making, behavioral economics, and has written popular books on these subjects. Gilovich has collaborated with Daniel Kahneman, Richard Nisbett, Lee Ross and Amos Tversky. His articles in peer-reviewed journals on subjects such as cognitive biases have been widely cited. In addition, Gilovich has been quoted in the media on subjects ranging from the effect of purchases on happiness to perception of judgment in social situations. Gilovich is a fellow of the Committee for Skeptical Inquiry. Early history and education Gilovich earned his B.A. from the University of California, Santa Barbara and went to Stanford University originally wanting to be a lawyer. After taking psychology classes and hearing Amos Tversky and Daniel Kahneman give a lecture about judgment and decision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarcity, scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two grou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prospect Theory
Prospect theory is a theory of behavioral economics and behavioral finance that was developed by Daniel Kahneman and Amos Tversky in 1979. The theory was cited in the decision to award Kahneman the 2002 Nobel Memorial Prize in Economics. Based on results from controlled studies, it describes how individuals assess their loss and gain perspectives in an asymmetric manner (see loss aversion). For example, for some individuals, the pain from losing $1,000 could only be compensated by the pleasure of earning $2,000. Thus, contrary to the expected utility theory (which models the decision that perfectly rational agents would make), prospect theory aims to describe the actual behavior of people. In the original formulation of the theory, the term ''prospect'' referred to the predictable results of a lottery. However, prospect theory can also be applied to the prediction of other forms of behaviors and decisions. Overview Prospect theory stems from Loss aversion, where the observ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daniel Kahneman
Daniel Kahneman (; he, דניאל כהנמן; born March 5, 1934) is an Israeli-American psychologist and economist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences (shared with Vernon L. Smith). His empirical findings challenge the assumption of human rationality prevailing in modern economic theory. With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases, and developed prospect theory. In 2011 he was named by '' Foreign Policy'' magazine in its list of top global thinkers. In the same year his book ''Thinking, Fast and Slow'', which summarizes much of his research, was published and became a best seller. In 2015, ''The Economist'' listed him as the seventh most influential economist in the world. He is professor emeritus of psychology and public affairs at Princeton U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”. The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definitions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality. Although it may seem like such misperceptions would be aberrations, biases can help humans find commonalities and shortcuts to assist in the navigation of common situations in life. Some cognitive biases are presumably adaptive. Cognitive biases may lead to more effective actions in a given context. Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics. Other cognitive biases are a "by-product" of human processing limitations, resulting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Psychology
Mathematical psychology is an approach to psychological research that is based on mathematical modeling of perceptual, thought, cognitive and motor processes, and on the establishment of law-like rules that relate quantifiable stimulus characteristics with quantifiable behavior (in practice often constituted by task performance). The mathematical approach is used with the goal of deriving hypotheses that are more exact and thus yield stricter empirical validations. There are five major research areas in mathematical psychology: learning and memory, perception and psychophysics, choice and decision-making, language and thinking, and measurement and scaling. Although psychology, as an independent subject of science, is a more recent discipline than physics, the application of mathematics to psychology has been done in the hope of emulating the success of this approach in the physical sciences, which dates back to at least the seventeenth century. Mathematics in psychology is used e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Psychology
Cognitive psychology is the scientific study of mental processes such as attention, language use, memory, perception, problem solving, creativity, and reasoning. Cognitive psychology originated in the 1960s in a break from behaviorism, which held from the 1920s to 1950s that unobservable mental processes were outside the realm of empirical science. This break came as researchers in linguistics and cybernetics, as well as applied psychology, used models of mental processing to explain human behavior. Work derived from cognitive psychology was integrated into other branches of psychology and various other modern disciplines like cognitive science, linguistics, and economics. The domain of cognitive psychology overlaps with that of cognitive science, which takes a more interdisciplinary approach and includes studies of non-human subjects and artificial intelligence. History Philosophically, ruminations on the human mind and its processes have been around since the times of the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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