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Choices, Values, and Frames

Name: Choices, Values, and Frames
Rating: 3.5 (5 reviews)

by Daniel Kahneman, Amos Tversky

Business & Economics / Decision-Making & Problem Solving Business & Economics / Economics / General Business & Economics / Economics / Theory ✓ Preview Available ⚠ Free PDF: Unavailable

Publisher: Cambridge University Press Year: 2000 Pages: 840 Language: EN

★★★½☆ 3.5/5 (5 ratings)

About this book

This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex,...

30-Second Summary

In 'Choices, Values, and Frames', Daniel Kahneman and Amos Tversky delve into prospect theory, which challenges traditional utility theory in decision-making. This comprehensive collection of foundational papers explores how individuals make choices under uncertainty, presenting empirical evidence that highlights the nuances of human behavior in economic contexts. The work emphasizes how framing and cognitive biases influence decisions, offering valuable insights for economists, psychologists, and anyone interested in the mechanics of choice.

Key Takeaways

Understanding the principles of prospect theory and its implications for decision-making.
Insights into how framing effects and biases shape choices in uncertain situations.
Analysis of empirical evidence that contrasts traditional utility theory.
Implications for fields such as economics, psychology, and behavioral science.

Who Should Read This Book

This book is ideal for students, researchers, and professionals in economics, psychology, and decision sciences. It serves as a valuable resource for those interested in understanding human behavior in economic settings and the cognitive processes behind decision-making. Readers seeking a deeper grasp of prospect theory and its applications will find this work particularly enlightening.

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Frequently Asked Questions

What is prospect theory?

Prospect theory is a behavioral economic theory that describes how people make decisions in situations involving risk and uncertainty, emphasizing the psychological factors that influence their choices.

How does this book contribute to understanding decision-making?

The book compiles essential research that illustrates the limitations of classical utility theory and offers a more nuanced view of how people actually make decisions.

Who are the authors of this book?

The authors, Daniel Kahneman and Amos Tversky, are renowned psychologists known for their pioneering work in behavioral economics and decision theory.

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