ISSN 1671-3710
CN 11-4766/R

›› 2003, Vol. 11 ›› Issue (3): 256-261.

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Daniel Kahneman and Behavioral Economics

Chang Xin,Yin HongHai   

  1. Department of Finance, Hong Kong University of Science and Technology Department of International Finance, FuDan University, Shanghai 200433
  • Received:2003-03-18 Revised:1900-01-01 Online:2003-05-15 Published:2003-05-15

Abstract: Daniel Kahneman’s findings in the field are now known as behavioral economics. By outlining some major differences between conceptions of decision-making in economics and psychology, the authors elaborate Kahneman’s specific contributions of Prospect Theory which has taken important steps towards a more accurate description of individual behavior under risk than expected-utility theory and provided researchers in economics with new insights and instruments in model building and empirical work.

Key words: Behavioral Economics, Prospect Theory, Daniel Kahneman, Heuristics

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