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Prospect Theory

In: Behavioral Economics

Author

Listed:
  • Masao Ogaki

    (Keio University)

  • Saori C. Tanaka

    (ATR Brain Information Communication Research Laboratory Group)

Abstract

This chapter explains prospect theoryProspect theory , which modifies expected utility theory in important ways. Prospect theory can be consistent with economic behaviors that cannot be explained by the expected utility theory such as those in the Allais Paradox.

Suggested Citation

  • Masao Ogaki & Saori C. Tanaka, 2017. "Prospect Theory," Springer Texts in Business and Economics, in: Behavioral Economics, chapter 0, pages 55-70, Springer.
    • Handle: RePEc:spr:sptchp:978-981-10-6439-5_4
    DOI: 10.1007/978-981-10-6439-5_4
    as

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