Psychology professor Daniel Kahneman's honorary wallet seems to be getting fatter and fatter.
The University of Louisville announced yesterday that he will receive the Grawemeyer Award in Psychology, which carries a cash prize of $200,000 paid in five annual installments of $40,000.
In October, he received the Nobel Prize in economic sciences, worth about a half-million dollars. In addition, Kahneman, who is the Eugene Higgins Professor of Psychology, is one of the University's highest paid professors, earning $270,480 in 1999-2000, according to the Chronicle of Higher Education.
The Grawemeyer Award recognizes Kahneman and his former colleague Amos Tversky, a Stanford University psychology professor who died in 1996.
The pair, who worked together for almost 30 years, made significant discoveries about decision-making, impacting many fields including economics and medicine.
Kahneman and Tversky demonstrated that certain biases direct human behavior in the face of an uncertain decision, often leading to a simplification of the problem.
They further showed that normative mathematical models of probability and choice do not account for most intuitive human judgments and decisions, according to the Grawemeyer press release.
"It is difficult to identify a more influential idea than that of Kahneman and Tversky in the human sciences," the Grawemeyer committee noted.
Kahneman's receipt of the Nobel in economics this year has raised his image in the media and sparked debate about scholars contributing to fields outside their disciplines. He received the Nobel for integrating his psychological research in decision-making into economics.
Though the Grawemeyer Award is far less on the public radar than the Nobel is, Kahneman said the joint recognition of he and Tversky held special significance.
"Naturally, my joy is mixed with the sadness of not being able to share the experience with Amos Tversky, with whom the work was done," Kahneman said in a statement. "Great collaborations are rare and precious events, and joint recognition of joint achievements is one way to protect and promote them."
He was unavailable for comment about how he will spend his prize money and is out of his office until Dec. 15.
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