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Essay

Prospect Theory

Essay specific features

 

Issue:

Psychology

 

Written by:

Kathleen P

 

Date added:

May 18, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 835

 

Was viewed:

9746 times

 

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Essay content:

Starting from empirical evidence, the theory describes how individuals evaluate potential losses and gains. In the original formulation the term prospect referred to a lottery. The theory describes such decision processes as consisting of two stages, editing and evaluation. In the first, possible outcomes of the decision are ordered following some heuristic...
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In particular, people decide which outcomes they see as basically identical and they set a reference point and consider lower outcomes as losses and larger as gains. In the following evaluation phase, people behave as if they would compute a value (utility), based on the potential outcomes and their respective probabilities, and then choose the alternative having a higher utility...
displayed 300 characters

General issues of this essay:
Kogut and Zander's theory of evolutionary theory versus internationalization theory Marginal utility theory, product differentiation, and revenue/profit maximization Multi Attribution Utility Theory Probability Distribution Prospect Theory Statistics, probability of satisfaction Theory of Absolute Cost Advantage Revolutions: Gains & Losses Critically examine the proposition that small allies have ?exploited' large allies in the North Atlantic Treaty Organisation. Comment on the proposition that prospective gains for producer groups prove more important than assessment of gains to ... Probability Theory Statistics Statistics, probability of satisfaction Hume on Probability Prospect Theory Probability probability of brest cancer
 

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