Abstract
In 2002, Daniel Kahneman—a psychologist—won the 2002 Nobel Prize in Economic Sciences. Why a psychologist? Because he demonstrated that what economists thought they understood about the ability of people to choose between baskets of goods and services—one of the basic foundations of neoclassical microeconomics—just was not always true. Consumers simply are not always rational or decisive in their choices in the way that economic theory assumed. In 2011, Kahneman wrote a best‐selling book, Thinking Fast and Slow, which contrasted “fast” instinctive and emotional thought from the more logical and deliberative “slow” decision‐making.
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