Prospect Theory

Masao Ogaki and Saori C. Tanaka ()
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Saori C. Tanaka: ATR Brain Information Communication Research Laboratory Group

Chapter Chapter 4 in Behavioral Economics, 2017, pp 55-70 from Springer

Abstract: Abstract This chapter explains prospect theoryProspect theory , which modifies expected utility theory in important ways. Prospect theory can be consistent with economic behaviors that cannot be explained by the expected utility theory such as those in the Allais Paradox.

Keywords: Prospect theory; Value function; Decision weight function; Reference point; Loss aversion (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-981-10-6439-5_4

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DOI: 10.1007/978-981-10-6439-5_4

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