Nobel’s get it right
I can’t believe they picked Smith and Kahneman are excellent choices. Kahneman and Tversky and Smith have opened a whole new line of inquiry that really allows us to test how people behave. Econ has always assumed that peopel are rational. In many cases though, we saw evidence to the contrary. Experimental economics is giving us the ability to investigate how people make decisions under different conditions and explode rationality into a useful concept beyond its theoretical parsimony. And go to Dynamist.com for some articles on Smith and his work.