Choices, Values and Frames (Paperback)
|Author: Daniel (EDT)/ Tversky Kahneman||Editor: Daniel Kahneman Amos Tversky Daniel Kahneman Amos Tversky|
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|*Author: Kahneman, Daniel (EDT)/ Tversky, Amos (EDT) *Publication Date: 2000/12/01 *Number of Pages: 840 *Binding Type: Paperback *Language: English *Depth: 1.25 *Width: 6.25 *Height: 9.25|
From the Publisher:
CHOICES, VALUES & FRAMES 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, CHOICES, VALUES & FRAMES brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the 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, real world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.Choices, Values, and Frames presents an empirical and theoretical challenge to classical utility theory, offering prospect theory as an alternative framework. Extensions and applications to diverse economic phenomena and to studies of consumer behavior are discussed. The book also elaborates on framing effects and other demonstrations that preferences are constructed in context, and it develops new approaches to the standard view of choice-based utility. As with the classic 1982 volume, Judgment Under Uncertainty, this volume is comprised of papers published in diverse academic journals. The editors have written several new chapters and a preface to provide a context for the work.