The Cumulative Prospect Theory and Managerial Decision Making

Darko Tipuric and Jasna Prester
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Darko Tipuric: Graduate School of Economics and Business, University of Zagreb, Croatia
Jasna Prester: Graduate School of Economics and Business, University of Zagreb, Croatia

Zagreb International Review of Economics and Business, 2004, vol. 7, issue 1, 61-80

Abstract: Can managerial decision making be predicted? Why would we want to predict managerial decision making? Managerial job is largely that of making decisions. In order to be successful, those decisions have to be right. In this article authors investigate if the cumulative prospect theory is applicable to managerial decision making and describe some divergent views about the theory. They also explore risk perception under the influence of decision framing. Risk propensity too is explored as it is an alternative way of predicting decision-makers behaviour.

Keywords: prospect theory; cumulative prospect theory; decision making (search for similar items in EconPapers)
JEL-codes: M2 (search for similar items in EconPapers)
Date: 2004
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