Search results
Results from the WOW.Com Content Network
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 .
Status quo bias has been attributed to a combination of loss aversion and the endowment effect, two ideas relevant to prospect theory.An individual weighs the potential losses of switching from the status quo more heavily than the potential gains; this is due to the prospect theory value function being steeper in the loss domain. [1]
Pages in category "Prospect theory" The following 28 pages are in this category, out of 28 total. This list may not reflect recent changes. ...
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.
Reference dependence is a central principle in prospect theory and behavioral economics generally. It holds that people evaluate outcomes and express preferences relative to an existing reference point, or status quo. It is related to loss aversion and the endowment effect. [1] [2]
The following relate to prospect theory: Ambiguity effect, the tendency to avoid options for which the probability of a favorable outcome is unknown. [70] Disposition effect, the tendency to sell an asset that has accumulated in value and resist selling an asset that has declined in value.
Topics about Political theories in general should be placed in relevant topic categories. Pages in this category should be moved to subcategories where applicable. This category may require frequent maintenance to avoid becoming too large.
A political theorist is someone who engages in constructing or evaluating political theory, including political philosophy. Theorists may be academics or independent scholars . This is a dynamic list and may never be able to satisfy particular standards for completeness.