Book ChapterDOI
Appendix – Prospect Theory and the Brain *
Craig R. Fox,Russell A. Poldrack +1 more
- pp 533-567
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The article was published on 2014-01-01. It has received 17 citations till now. The article focuses on the topics: Prospect theory.read more
Citations
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Journal ArticleDOI
Models of affective decision-making: how do feelings predict choice?
TL;DR: This work specified a computational model that used feelings to predict choices better than existing value-based models, showing a unique contribution of feelings to decisions, over and above value.
Journal ArticleDOI
Reference-point centering and range-adaptation enhance human reinforcement learning at the cost of irrational preferences
Sophie Bavard,Maël Lebreton,Mehdi Khamassi,Giorgio Coricelli,Stefano Palminteri,Stefano Palminteri +5 more
TL;DR: The authors demonstrate that irrational choices can arise from context dependence in reinforcement learning, using computational modeling of behavior to show that state-dependent outcome valuation progressively emerges, is favored by increasing outcome information and correlated with explicit understanding of the task structure.
Journal ArticleDOI
Measuring Loss Aversion under Ambiguity: A Method to Make Prospect Theory Completely Observable
TL;DR: In this paper, a simple, parameter-free method was proposed to measure the utility of prospect theory under ambiguity and risk and ambiguity, as assumed by prospect theory, and sign-comonotonic trade-off consistency held.
Book ChapterDOI
Decision Under Risk: From the Field to the Laboratory and Back
TL;DR: Risk is defined as "exposure to the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility" as discussed by the authors, which is similar to the clinical definition of risk which includes behaviors that can result in loss or harm to oneself or others.
Journal ArticleDOI
Ambiguity preferences for health.
TL;DR: In this paper, the authors show how health preferences can be measured under ambiguity, and compare them with health preferences under risk, and they assume a general ambiguity model that includes many of the ambiguity models that have been proposed in the literature.
References
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Journal ArticleDOI
Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Journal ArticleDOI
Advances in prospect theory: cumulative representation of uncertainty
Amos Tversky,Daniel Kahneman +1 more
TL;DR: Cumulative prospect theory as discussed by the authors applies to uncertain as well as to risky prospects with any number of outcomes, and it allows different weighting functions for gains and for losses, and two principles, diminishing sensitivity and loss aversion, are invoked to explain the characteristic curvature of the value function and the weighting function.
Journal ArticleDOI
Perception of risk.
TL;DR: This research aims to aid risk analysis and policy-making by providing a basis for understanding and anticipating public responses to hazards and improving the communication of risk information among lay people, technical experts, and decision-makers.
Journal ArticleDOI
Risk, Ambiguity, and the Savage Axioms
TL;DR: The notion of "degrees of belief" was introduced by Knight as mentioned in this paper, who argued that people tend to behave "as though" they assigned numerical probabilities to events, or degrees of belief to the events impinging on their actions.
Journal ArticleDOI
Loss Aversion in Riskless Choice: A Reference-Dependent Model
Amos Tversky,Daniel Kahneman +1 more
TL;DR: In this article, the authors present a reference-dependent theory of consumer choice, which explains such effects by a deformation of indifference curves about the reference point, in which losses and disadvantages have greater impact on preferences than gains and advantages.