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Prospect Theory and Decision-Making Phenomena

In: Behavioral Decision Theory

Author

Listed:
  • Kazuhisa Takemura

    (Waseda University)

Abstract

Prospect theory, proposed by Kahneman[aut]Kahneman, D. and Tversky[aut]Tversky, A. (1979) (Tversky and Kahneman, 1992), is[aut]Kahneman, D. a[aut]Tversky, A. theory that combines the knowledge of behavioral decision theoryBehavioral decision theory and nonlinear utility theoryNonlinear utility theory (or generalized expected utility theoryGeneralized expected utility theory). This chapter first reports the predictions derived from the basic assumptions of prospect theoryProspect theory and empirical examples of such predictions. It subsequently provides an overview of a new version of cumulative prospect theoryCumulative prospect theory that explains decision-making not only under riskRisk but also under uncertaintyUncertainty and in light of experimental research into this theory.

Suggested Citation

  • Kazuhisa Takemura, 2021. "Prospect Theory and Decision-Making Phenomena," Springer Books, in: Behavioral Decision Theory, edition 2, chapter 0, pages 117-129, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-5453-4_9
    DOI: 10.1007/978-981-16-5453-4_9
    as

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