Prospect Theory (Kahneman & Tversky), image 1 of 11 / 1
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Prospect Theory (Kahneman & Tversky)

in Stuff I Keep Rereading by Malik Torres

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Prospect Theory (Kahneman & Tversky) on “Stuff I Keep Rereading”, a list by Malik Torres on TheLysts.

Details

Photo
—
Name
—
Field
Behavioral economics
Core idea
People value gains and losses relative to a reference point, with loss aversion and weird probability weighting.
Year
1979
How dense
High – lots of experiments and function shapes.
My take
This is the “humans are not expected-utility robots” manifesto. After this, every risky choice your friends make looks like a lab experiment.

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