Daniel Kahneman's bestseller is set to blast every other blockbuster off the beach
Before the research by Kahneman and his colleague Amos Tversky (who died in 1996), most economists operated on the presumption that people make rational choices. For example, in classic economic theory, if you were to be offered a bet on a coin toss – heads you lose £100, tails you win £150, the theory would be that you’d take it. Yet in reality, studies show that people often don’t; we’d rather avoid losing something that we already possess than go for a bigger potential gain on the off chance.
Full story at The Telegraph