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Prospect Theory: An Analysis of Decision under Risk
Abstract
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.
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Cited by
A domain‐specific risk‐attitude scale: measuring risk perceptions and risk behaviors
Weber, E. U., Blais, A., & Betz, N. E. (2002) · Journal of Behavioral Decision Making · doi:10.1002/bdm.414 · Cited by 2,936
When and why defaults influence decisions: a meta-analysis of default effects
JACHIMOWICZ, J. M., DUNCAN, S., WEBER, E. U., & JOHNSON, E. J. (2019) · Behavioural Public Policy · doi:10.1017/bpp.2018.43 · Cited by 481
Information disclosure on mobile devices: Re-examining privacy calculus with actual user behavior
Keith, M. J., Thompson, S. C., Hale, J., Lowry, P. B., & Greer, C. (2013) · International Journal of Human-Computer Studies · doi:10.1016/j.ijhcs.2013.08.016 · Cited by 337
A Survey of Systemic Risk Analytics
Bisias, D., Flood, M. D., Lo, A. W., & Valavanis, S. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.1983602 · Cited by 331
What's Behind 'Inflation Perceptions'? A Survey-Based Analysis of Italian Consumers
Del Giovane, P., Fabiani, S., & Sabbatini, R. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1105734 · Cited by 275
Metadata
- Authors
- Kahneman, D., & Tversky, A.
- Venue
- Choices, Values, and Frames
- Publisher
- Cambridge University Press
- Published
- 2000-09-25
- Pages
- 17-43
- OpenAlex
- W3125469568
- Cited by
- 922
- References
- 0
- FWCI
- 7.01
- Type
- book chapter
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
