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Prospect Theory: An Analysis of Decision under Risk

in Stuff I Re‑read by Caleb Ortiz

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Prospect Theory: An Analysis of Decision under Risk on “Stuff I Re‑read”, a list by Caleb Ortiz on TheLysts.

Details

Photo
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Name
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Authors
Daniel Kahneman, Amos Tversky
Year
1979
Field
Behavioral Economics
Why it matters
Shows how people hate losses more than they love equivalent gains, and why we make weird, inconsistent choices under risk.
My take
Once you see these value curves, you can’t unsee them in sports: coaches punting scared, GMs avoiding trades, fans melting down over a blown 10‑point lead like it’s the end of the world.

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