Two giants lost: Psychologists Daniel Kahneman and Frans de Waal pass away
Kahneman and de Waal were pioneering researchers and great men whose work forever reshaped their fields.
Frans de Waal: A Pioneer in understanding primate empathy
Renowned psychologist and primatologist Frans de Waal, known for his groundbreaking work on the social behavior and emotional lives of primates, died earlier this month of stomach cancer. I can attest that he leaves behind a rich legacy that transcends the boundaries of science.
What he did
De Waal's research at Emory University illuminated the complex social structures, empathy, and cooperation found within primate societies, offering profound insights into the nature of fairness, conflict resolution, and the origins of morality in human beings.
Why it was important
De Waal's innovative studies, often focused on bonobos and chimpanzees, revealed that these primates exhibit behaviors and emotions once thought to be uniquely human. His observations and experiments demonstrated acts of empathy, problem-solving, and even instances of consoling behavior among primates, challenging prevailing notions about the exclusivity of human social traits.
Why I was attracted to de Waal’s work
He advocated for a broader, more inclusive view of animal intelligence and emotional depth; he frequently made the case that understanding the social and emotional lives of primates not only shedded light on human evolution but it should also compel us to rethink our relationship with the animal kingdom.
Why he mattered to me
I was a biopsych major in college. My specific area of interest and study was large, predatory mammals, specifically the big cats and wolves. I was enthralled by their social structure, cooperation, and the length of time they spent together.
This passion for large mammals, however, began out of a love for better understanding social structure and social status, which was a seed planted in my mind by reading sociobiologist E.O. Wilson’s works on ants and watching videos of Jane Goodall’s work with chimpanzees. It was only natural that I would gravitate, then, to the works of Frans de Waal after discovering his work in an article for the AJC in 2000.
I was fascinated by his humility, his willingness to see the best in bonobos, which are remarkable creatures, and his interest in highlighting the characteristics they share with humans. Several of his many books are prominently displayed on the bookshelves in my home.
Daniel Kahneman: Nobel Laureate and pioneer in Behavioral Economics
Kahneman, a renowned psychologist, challenged the foundations of economics and investing with his work on human decision-making, recently died at the age of 90. A Princeton University professor, he was awarded the Nobel Prize in economics in 2002 and leaves behind an enviable legacy, particularly in business and psychology, that reshaped how we understand the irrational forces driving human choices.
His research was transcendent
Kahneman's seminal research, conducted with the late Amos Tversky, debunked the long-held belief in economics that humans are rational actors. (Their collaborative efforts introduced the world to behavioral economics, a field that bridges psychological insights with economic theory to explain why people often make predictably irrational decisions.
Their groundbreaking studies revealed the pervasive influence of cognitive biases and emotional responses on decision-making, findings that have had profound implications across various sectors, including finance, healthcare, and public policy. Kahneman's work notably transformed investing, offering a psychological mirror to investors' often flawed judgment and risk perception.
Why his work mattered
Before Kahneman and Tversky's pioneering work, economists largely assumed individuals were rational beings who make decisions logically and in their best interest. Reality was far different, as Kahneman and Tversky's experiments showed: Individual decision-making is frequently flawed by biases and swayed by emotions.
This body of work not only earned Kahneman the Nobel Prize in 2002 but also fundamentally altered economic and psychological theory. It laid the groundwork for policy reforms, from organ-donation systems to infrastructure project planning, underscoring the real-world impact of their theoretical contributions.
His ideas reshaped the investing industry
Kahneman's insights into human psychology revolutionized investment strategies, emphasizing the role of psychological factors in financial decisions. He unveiled common pitfalls for investors, such as overconfidence and the tendency to overvalue recent trends, advocating for a more disciplined and informed approach to investing. (Do yourself a favor and read about the Endowment Effect; it’s amazingly interesting—and counterintuitive.)
Highlighting the asymmetrical impact of losses compared to gains, Kahneman advised investors on the importance of understanding their risk tolerance and the psychological biases that can lead to costly mistakes. His advocacy for index fund investing over attempting to outsmart the market has influenced both individual investors and financial advisors.
His legacy will be everlasting
Daniel Kahneman's influence extends beyond academia, touching the lives of individuals across the globe through his bestselling book Thinking, Fast and Slow. His book Noise: A Flaw in Human Judgment, co-written with Olivier Sibony and Cass R. Sunstein is a mind-bender as well. It explores the overlooked concept of noise—the random variability in judgments—in decision-making.
The book shows, in vivid detail, how noise, distinct from bias, leads to inconsistency and errors, many of which significantly impact outcomes in various professional fields. It provides a set of strategies for individuals and organizations to measure, understand, and reduce noise to improve judgment and decision-making accuracy. I read the book more than a year ago. It’s remains a favorite.
Why Kahneman mattered to me
Of all the topics I read frequently in books, behavioral economics is vastly overrepresented on my bookshelves and in my reading time. No subject interests me more, for it marries two topics I love more than any others: psychology and business. So, when I see Kahneman’s name listed as an author or guest, I read the book or watch the video or listen to the podcast knowing I’ll get my fill of behavioral economics wisdom.
A couple of years ago, though, I got a lot more. On a podcast with organizational psychologist Adam Grant, Kahneman was asked why he’d spent so much of his career studying happiness and related topics. Said Grant, “I’d would much rather have people focused on character. On, you know, trying to build their generosity, their integrity, their commitment to justice, their humility.”
Kahneman’s answer was piercing and unforgettable:
“I think my focus would be neither happiness, nor character. It would be misery. And I think that there is a task for society to reduce misery, not to increase happiness. And when you think of reducing misery, you would be led into very different policy directions. You would be led into mental health issues. You would be led into a lot of other problems. So reducing misery would be my focus. … I think that's a better objective for policy than increasing the quality of the population's character. I think it's a better objective.
“I think it's a…more achievable objective, except I would not focus on the positive end. I would focus on the negative end and I would say it is a responsibility of society to try to reduce misery.”
I listened to this conversation via Apple Podcasts, in the summer of 2021, while taking my dog for a walk. I can safely say that no other conversation I heard or listened to that year had more on an impact on my thinking.
Rethinking the big five
For nearly a decade, I’ve been incessant in sharing with my daughters the expectations I have for them. Usually, it’s over a lunch or dinner with just us three in attendance. The goals are as follows:
“I want you to be…
Happy,
Healthy,
Successful,
Godly,
Wealthy.”
(I wrote about sharing those goals with my daughters in this post.)
They aren’t listed or shared in any order, but they never change. At least not until after listening to Kahneman. His words carried weight and made perfect sense for what I want for my girls: That they would never tolerate being miserable; know what happiness, though only a state of being as opposed to a condition, feels like; would choose to remove themselves from miserable situations; and would work to ensure that others were not miserable in situations. My revised five now reads:
“I want you to be…
Intolerant of misery—yours and others,
Healthy,
Successful,
Godly,
Wealthy.”
I have Kahneman to thank for the revision.