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Press Release from the Royal Swedish Academy of Sciences

Press Release from the Royal Swedish Academy of Sciences The Royal Swedish Academy of Sciences has decided to award the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 2002, to: Daniel Kahneman, “for having integrated insights from psychological research into economic science, especially concerning human judgment and decision‐making under uncertainty” and Vernon L. Smith, “for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms” Psychological and Experimental Economics Traditionally, much of economic research has relied on the assumption of a “homo œconomicus” motivated by self‐interest and capable of rational decision‐making. Economics has also been widely considered a non‐experimental science, relying on observation of real‐world economies rather than controlled laboratory experiments. Nowadays, however, a growing body of research is devoted to modifying and testing basic economic assumptions; moreover, economic research relies increasingly on data collected in the lab rather than in the field. This research has its roots in two distinct, but currently converging, areas: the analysis of human judgment and decision‐making by cognitive psychologists, and the empirical testing of predictions from economic theory by experimental economists. This year's laureates are the pioneers in these two research areas. Daniel Kahneman has integrated insights from http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Scandinavian Journal of Economics Wiley

Press Release from the Royal Swedish Academy of Sciences

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Publisher
Wiley
Copyright
Copyright © 2003 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0347-0520
eISSN
1467-9442
DOI
10.1111/1467-9442.t01-1-00102
Publisher site
See Article on Publisher Site

Abstract

The Royal Swedish Academy of Sciences has decided to award the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 2002, to: Daniel Kahneman, “for having integrated insights from psychological research into economic science, especially concerning human judgment and decision‐making under uncertainty” and Vernon L. Smith, “for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms” Psychological and Experimental Economics Traditionally, much of economic research has relied on the assumption of a “homo œconomicus” motivated by self‐interest and capable of rational decision‐making. Economics has also been widely considered a non‐experimental science, relying on observation of real‐world economies rather than controlled laboratory experiments. Nowadays, however, a growing body of research is devoted to modifying and testing basic economic assumptions; moreover, economic research relies increasingly on data collected in the lab rather than in the field. This research has its roots in two distinct, but currently converging, areas: the analysis of human judgment and decision‐making by cognitive psychologists, and the empirical testing of predictions from economic theory by experimental economists. This year's laureates are the pioneers in these two research areas. Daniel Kahneman has integrated insights from

Journal

The Scandinavian Journal of Economics – Wiley

Published: Jun 1, 2003

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