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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 .
Robert Jervis (April 30, 1940 – December 9, 2021) was an American political scientist who was the Adlai E. Stevenson Professor of International Politics in the Department of Political Science at Columbia University. Jervis was co-editor of the Cornell Studies in Security Affairs, a series published by Cornell University Press.
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]
In 1979, Daniel Kahneman and Amos Tversky traced the cause of the disposition effect to the so-called "prospect theory". [3] The prospect theory proposes that when an individual is presented with two equal choices, one having possible gains and the other with possible losses, the individual is more likely to opt for the former choice even ...
Positive political theory (PPT), explanatory political theory, or formal theory is the study of politics using formal methods such as social choice theory, game theory, and statistical analysis. In particular, social choice theoretic methods are often used to describe and (axiomatically) analyze the performance of rules or institutions.
Particular theories, including prospect theory, rank-dependent expected utility, and cumulative prospect theory, are considered insufficient to predict preferences and the expected utility. [26] Additionally, experiments have shown systematic violations and generalizations based on the results of Savage and von Neumann–Morgenstern.
Framing theory and frame analysis provide a broad theoretical approach that analysts have used in communication studies, news (Johnson-Cartee, 1995), politics, and social movements (among other applications). According to Bert Klandermans, the "social construction of collective action frames" involves "public discourse, that is, the interface ...
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.