Prospect Theory as Efficient Perceptual Distortion
نویسندگان
چکیده
منابع مشابه
Prospect Theory as Efficient Perceptual Distortion
In rational choice theory, individuals are assumed always to choose the option that will provide them maximum utility. But actual choices must be based on subjective perceptions of the attributes of the available options, and the accuracy of these perceptions will always be limited by the information-processing capacity of one’s nervous system. In recent work (Woodford 2011), I propose a theory...
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Research is reviewed demonstrating perceptual narrowing across a variety of domains. Research is also reviewed showing that the temporal window of perceptual narrowing can be extended and, in some cases, perceptual narrowing can be reversed. Research is also reviewed highlighting the neurophysiological correlates of perceptual narrowing as well as some of the individual neurophysiological diffe...
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متن کاملProspect Theory
Prospect theory is a descriptive theory of how individuals choose among risky alternatives. The theory challenged the conventional wisdom that economic decision makers are rational expected utility maximizers. We present a number of empirical demonstrations that are inconsistent with the classical theory, expected utility, but can be explained by prospect theory. We then discuss the prospect th...
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Prospect theory (Kahneman & Tversky, 1979) predictions were examined in light of ethnocentrism and intergroup conflict. An experiment conducted at the outset of the 2003 invasion of Iraq by the U.S., U. K. and their allies explored American and British participants’ preferences for certain versus uncertain gains and losses concerning Iraqi, American, and British lives. In four conditions, parti...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2012
ISSN: 0002-8282
DOI: 10.1257/aer.102.3.41