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:

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

Custom written essay

All essays are written from scratch by professional writers according to your instructions and delivered to your email on time. Prices start from $10.99/page

Order custom paper

Full essays database

You get access to all the essays and can view as many of them as you like for as little as $28.95/month

Buy database access

Order custom writing paper now!

  • Your research paper is written
    by certified writers
  • Your requirements and targets are
    always met
  • You are able to control the progress
    of your writing assignment
  • You get a chance to become an
    excellent student!

Get a price guote

 
 

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:

Related essays:

x
Services