Prospect theory [1, 2, 3] has perhaps been one of the most influential theories within psychology and behavioral economics. Daniel Kahneman won the Nobel prize for this work. Prospect theory and ...
Different attitudes towards gains and losses are a prominent feature of cumulative prospect theory for decision under uncertainty. In particular, decision weights for uncertain events can depend on ...
One of the stylized facts underlying prospect theory is a fourfold pattern of risk preferences. People have been shown to be risk seeking for small probability gains and large probability losses, ...
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