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Prospect theory is a theory of behavioral economics, judgment and decision making that was developed by Daniel Kahneman and Amos Tversky in 1979. [1] The theory was cited in the decision to award Kahneman the 2002 Nobel Memorial Prize in Economics .
The theory of subjective expected utility combines two concepts: first, a personal utility function, and second, a personal probability distribution (usually based on Bayesian probability theory). This theoretical model has been known for its clear and elegant structure and is considered by some researchers to be "the most brilliant axiomatic ...
The most dangerous trajectory in world politics is a long rise followed by the prospect of a sharp decline. They claim that several of Allison's cases in fact follow this pattern—and not that of the Thucydides Trap—including the Russo-Japanese War , World War I , and the Pacific War (they also point to America's imperial foray after the ...
Theories of political behavior, as an aspect of political science, attempt to quantify and explain the influences that define a person's political views, ideology, and levels of political participation, especially in relation to the role of politicians and their impact on public opinion .
The politics-administration dichotomy is an important concept in the field of public administration and shows no signs of going away because it deals with the policy-maker's role as an administrator and the balancing act that is the relationship between politics and administration. [5]
Prospect theory involves the idea that when faced with a decision-making event, an individual is more likely to take on a risk when evaluating potential losses, and are more likely to avoid risks when evaluating potential gains. This can influence one's decision-making depending if the situation entails a threat, or opportunity.
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The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.