TITLE

10 Questions with... Daniel Kahneman on Humans and Decision Making

PUB. DATE
August 2004
SOURCE
Journal of Financial Planning;Aug2004, Vol. 17 Issue 8, p10
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article presents an interview with professor Daniel Kahneman about investing and decision-making in the U.S. People sometimes refer to him as an expert in behavioral finance or behavioral economics but his field is psychology. Others integrated his work into what is called behavioral finance. Human beings are not all that quick to reform themselves in many domains and that would be true for investing as well. Most people are just not aware when they are making mistakes and using shortcuts that they doing it. Humans form impressions of events and people and they are very accustomed to acting on their impressions and intuitive judgment. But if the impressions formed are wrong, there is just not a whole lot they can do about it. Most behavioral finance experts would like to tell that a person who buys an index and holds probably does better than a person who follows intuition about stocks. Most people think they are above average. Those in the business definitely think so and believe they are in the business of beating the market. They believe they can equal or beat the market. Kahneman's application of his insights on money and investing decisions made him more passive. He does less and worry less about it. He knows he cannot do it very well by himself. INSET: From Psychology to Behavioral Finance: Kahneman,Tversky, Richard.
ACCESSION #
14084127

 

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