Choices, Values, and Frames

Choices, Values, and Frames

4.11 - 1251 ratings - Source

This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.Skill ranks are determined by how many questions subjects answer correctly on asample of10 a€œbrain teasera€ puzzles (sessions 1a€“2) or trivia questions about sports orcurrent events (sessions 3a€“8).Itis important to stress that subjectsa#39; ranks anbsp;...

Title:Choices, Values, and Frames
Author:Daniel Kahneman, Amos Tversky
Publisher:Cambridge University Press - 2000-09-25


You Must CONTINUE and create a free account to access unlimited downloads & streaming