In March 2024, Daniel Kahneman – the man who did perhaps more than anyone else to shape the field of behavioural public policy – died. He is among a small handful of scholars who have had a huge effect on my own career, and in this essay – the first in a series of essays in a special section of the Journal that honour him – I reflect on how his work inspired much of my own.

This paper examines Daniel Kahneman's concept of experienced utility and its roots in Bentham's hedonic utilitarianism. It focuses on Kahneman's call for a ‘separate value judgement’ to determine when experienced utility can be used to evaluate temporally extended outcomes (TEOs). Two potential judgements are proposed: comprehensiveness and personal independence. Comprehensiveness means that the measurement of utility captures all relevant aspects of instant utility. Personal independence means that the TEO is fully independent of other TEOs with which it might be combined (or ‘concatenated’). I argue that identifying TEOs meeting these criteria may be challenging, possibly restricting the applicability of experienced utility. I conclude by considering the implications for behavioural science's quest for an unambiguous, measurable operationalisation of utility.

Are human beings irredeemably irrational? If so, why? In this article, I suggest that we need a broader appreciation of thought and reasoning to understand why people get things wrong. Although we can never escape cognitive bias, learning to recognize and understand it can help us push back against its dangers – and in particular to do so collectively and collaboratively.

Economist Frank H. Knight (1885–1972) is commonly credited with defining the distinction between decisions under “risk” (known chance) and decisions under “uncertainty” (unmeasurable probability) in his 1921 book Risk, Uncertainty and Profit. A closer reading of Knight (1921) reveals a host of psychological insights beyond this risk-uncertainty distinction, many of which foreshadow revolutionary advances in psychological decision theory from the latter half of the 20th century. Knight’s description of economic decision making shared much with Simon’s (1955, 1956) notion of bounded rationality, whereby choice behavior is regulated by cognitive and environmental constraints. Knight described features of risky choice that were to become key components of prospect theory (Kahneman & Tversky, 1979): the reference dependent valuation of outcomes, and the non-linear weighting of probabilities. Knight also discussed several biases in human decision making, and pointed to two systems of reasoning: one quick, intuitive but error prone, and a slower, more deliberate, rule-based system. A discussion of Knight’s potential contribution to psychological decision theory emphasises the importance of a historical perspective on theory development, and the potential value of sourcing ideas from other disciplines or from earlier periods of time.