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Nobel Laureate impresses Business School Alumni

22 Aug 2011

Professor Kahneman

More than 200 University of Sydney Business School alumni and friends were joined by the Vice Chancellor, Dr Michael Spence and other senior academics on Friday night to hear Nobel Laureate, Professor Daniel Kahneman, present at the annual alumni dinner.

Professor Kahneman, who attended the event with his wife Dr Anne Treisman at the invitation of the University of Sydney Business School and The United States Studies Centre, reflected on his impressive research career and offered some valuable insight into the complicated science of decision making.

He used the current international stock market volatility as an example of why, despite an individual's best intentions, decision making at the time of a crisis can be fraught.

"My advice is to decide ahead of time before the market plummets how much risk you're willing to take. Clearly if you're selling in a panic when the market is going down, very likely this is something that you could regret," he said.

Graduates of all ages from the Business School stood alongside more senior members of the alumni community to enthusiastically ask questions as diverse as what he thought of Australia, what his views were on high frequency trading and what the future held for the area of Behavioural Economics.

The energy in the room, particularly from the younger graduates who lined up to shake his hand and were clearly in awe of a man they refer to as a  "titan'', indicates Behavioural Economics is a field of research growing in stature.

This was the first alumni dinner held by The University of Sydney Business School, since it was renamed from the Faculty of Economics and Business on January 1, 2011.