The Allais Paradox
Offered the same improvement in odds twice, most people take it once and refuse it the second time. Both choices feel obviously right.
1952 (posed at the Paris colloquium), 1953 (published)22 min read
Israeli-American cognitive psychology
Daniel Kahneman
1934 – 2024
Psychologist whose collaboration with Amos Tversky produced the heuristics-and-biases programme and, in 1979, prospect theory — the model that turned the Allais paradox from an anomaly into the foundation of behavioural economics. He was awarded the 2002 Nobel Memorial Prize in Economic Sciences, which Tversky did not live to share. His later work covered experienced versus remembered wellbeing, and he ended his career championing adversarial collaboration as a way to settle scientific disputes.
2 entries
The Easterlin Paradox
Richer people are happier than poorer people. Yet a whole country getting richer does not seem to get happier.
197423 min read