Harvard Business Review

JANUARY 4, 2013

"By almost any market test, economics is the premier social science," Stanford University economist Edward Lazear wrote just over a decade ago. Two years later, in 2002, the co-leader of that invasion, Princeton psychology professor Daniel Kahneman, won an economics Nobel (the other co-leader, Amos Tversky, had died in 1996).

Tversky 12

Tversky Crisis Levitt Consensus 12

Harvard Business Review

JUNE 21, 2012

Since then, numerous studies have found evidence of the bias at racetracks and other sports betting markets all around the world. Indeed, it is probably the most discussed empirical regularity in sports gambling markets, and the literature documenting it now runs to well over a hundred scientific papers.

Tversky 11

Tversky Kahneman Rate of Return Sports 11

Harvard Business Review

JUNE 20, 2014

This popular triumph of the “ heuristics and biases ” literature pioneered by psychologists Daniel Kahneman and Amos Tversky has made us aware of flaws that economics long glossed over, and led to interesting innovations in retirement planning and government policy. These types of models cannot predict any crisis, and have missed every one.

Uncertainty 10

Uncertainty Kahneman Banking System 10