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Choices, values, and frames.
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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“Loss aversion has been well documented in the laboratory and in many field settings (2), including high-stakes game show decisions (3), financial markets (4), politics (5), trade policy for declining industries (6), rate of organ donation for transplant cases (7) and has also been evident in monkey behavior (8).”
From Amygdala damage eliminates monetary loss aversion (2010) · cites this paper as [2]
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Metadata
- Authors
- Kahneman, D., & Tversky, A.
- Affiliations
- University of British Columbia (CA)
- Venue
- American Psychologist
- Published
- 1984-04
- Volume
- 39
- Issue
- 4
- Pages
- 341-350
- ISSN
- 0003-066X (ISSN-L)
- 1935-990X
- OpenAlex
- W3123340585
- Cited by
- 6,544
- References
- 0
- Citations by year
- 2026: 164 · 2025: 226 · 2024: 229 · 2023: 228 · 2022: 265 · 2021: 254 · 2020: 332 · 2019: 304 · 2018: 325 · 2017: 261 · 2016: 287 · 2015: 281 · 2014: 274 · 2013: 278 · 2012: 236
- FWCI
- 17.86
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- American Psychologist (publishedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Experimental Behavioral Economics Studies
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Keywords
- prospect theory, utility theory, decision making under risk, Amos Tversky, legal compensation, equity premium puzzle, framing effects, rational choice, judgment under uncertainty
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