Max Overbeck

Hebrew University mourns the passing of Nobel laureate, Prof. Daniel Kahneman, graduate of the Hebrew University, former lecturer in the Department of Psychology, fellow in the University's Center for the Study of Rationality, and holder of an honorary doctorate on its behalf. During his years at the university, Kahneman developed, in the mid-70s of the last century, together with the late Prof. Amos Tversky, the Prospect Theory, an alternative theory to the theory of normative utility, which better describes how people make decisions under conditions of actual uncertainty. They also delved into the realm of decision-making under conditions of uncertainty, uncovering significant biases that lead us astray from probability theory, often resulting in irrational behavior. Their findings fundamentally challenged previous concepts, brought about a real revolution in everything related to decision-making, economic and other, and influenced the policies of many companies and entities all over the world. Kahneman’s groundbreaking research continues to develop to this day, and forms the basis for determining policies for behaviors in situations of uncertainty. A giant in his generation. Of blessed memory!