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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 .
Daniel Kahneman (/ ˈ k ɑː n ə m ə n /; Hebrew: דניאל כהנמן; March 5, 1934 – March 27, 2024) was an Israeli-American psychologist best known for his work on the psychology of judgment and decision-making as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences together with Vernon L. Smith.
Daniel Kahneman. In behavioral economics, cumulative prospect theory (CPT) is a model for descriptive decisions under risk and uncertainty which was introduced by Amos Tversky and Daniel Kahneman in 1992 (Tversky, Kahneman, 1992). It is a further development and variant of prospect theory.
Combined with other findings, the pair developed a theory of risky choice they eventually named “prospect theory.” Kahneman received the Nobel Prize in economics in 2002 for these and other contributions that ended up underpinning the discipline now known as behavioral economics.
Dr. Daniel Kahneman, winner of the 2002 Nobel Prize in economics, joins us to discuss his book, Thinking, Fast and Slow, and how different systems of thought can affect our judgment when making ...
Daniel Kahneman, a psychologist who won a Nobel Prize in economics for his insights into how ingrained neurological biases influence decision making, died Wednesday at the age of 90. Kahneman’s ...
In 1979, Daniel Kahneman and his associate Amos Tversky originally coined the term "loss aversion" in their initial proposal of prospect theory as an alternative descriptive model of decision making under risk. [5] "The response to losses is stronger than the response to corresponding gains" is Kahneman's definition of loss aversion.
Kahneman developed prospect theory, the basis for his Nobel prize, to account for experimental errors he noticed in Daniel Bernoulli's traditional utility theory. [13] According to Kahneman, Utility Theory makes logical assumptions of economic rationality that do not represent people's actual choices, and does not take into account cognitive ...