Daniel Kahneman, one of the founders of behavioral economics, passed away at the age of 91.

In his research, Daniel Kahneman combined economics and cognitive psychology to explain people's irrational attitude toward risk in decision making and in managing their behavior.  He is famous for his work, done with Amos Tversky and others, in establishing the cognitive basis for common human biases in the use of heuristics and for the development of prospect theory.

In 2002, Daniel Kahneman was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel “for his application of psychological techniques to economics, particularly in the study of perceptions and decision-making under conditions of uncertainty” (with Vernon Smith), despite the fact that he conducted research as a psychologist and not as an economist.

His work with Amos Tversky paved the way for many into behavioral science, behavioral economics and economic psychology.

Daniel Kahneman was one of the honorary members of IAREP, a keynote speaker at the 2006 Paris conference (organized by Christine Roland-Lévy and Louis Lévy-Garboua), where he received an honorary doctorate from the Sorbonne.

In one of his works, Daniel Kahneman wrote words that can be considered his testament to the scientific community:

"Sometimes scientific progress leaves us more puzzled than we were before".

The influence he exerted covers the whole world and many areas, we mourn together with everyone who knew him, read and worked with him.

- Institute of Psychological and Economic Research