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Prospect Theory
Essay specific features
Written by:
Kathleen P
Date added:
May 18, 2012
Level:
University
Grade:
A
No of pages / words:
3 / 835
Was viewed:
9750 times
Rating of current essay:
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...
displayed 300 characters
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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
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