The nobel prize in behavioral and experimental economics: A contextual and critical appraisal of the contributions of Daniel Kahneman and Vernon Smith

The Nobel Prize in Economics for 2002 was jointly awarded to Daniel Kahneman, a psychologist, and Vernon Smith, an economist. As Kahneman points out, his award is very much for collaborative work with the late Amos Tversky, also a psychologist. The Royal Swedish Academy of Sciences recognized the important insights and contributions from psychology that Kahneman brought to the development of economics. In giving the Nobel Prize to Smith, the Academy recognized the role of human laboratory experiments for testing economic theory and for evaluating the potential impact of public policy on economic efficiency.