Daniel Kahneman, a psychologist, wins the Nobel Prize in Economics for his work in Prospect Theory. At the time of the award, he is Professor Emeritus of psychology and public affairs at the Woodrow Wilson School at Princeton. The prize is given to him for developing Prospect Theory. According to this theory, people make decisions based on the potential values of gains and losses, not on the final value. The theory also comes to the conclusion that wealthy people are not happier than people of average wealth, since money generally does not affect happiness above the poverty line.
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