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The Foundation of Statistics
R. F. Jarrett,L. J. Savage +1 more
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This article is published in American Journal of Psychology.The article was published on 1956-06-01. It has received 561 citations till now. The article focuses on the topics: Foundation (engineering).read more
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Choices, Values, and Frames
Daniel Kahneman,Amos Tversky +1 more
TL;DR: Prospect theory as mentioned in this paper is an alternative to the classical utility theory of choice, and has been used to explain many complex, real-world puzzles, such 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.
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Choices, Values, and Frames
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the cognitive and psychophysical determinants of choice in risky and risk- less contexts are discussed, and the relation between decision values and experience values is discussed, as well as an approach to risky choice that sketches an approach for decision making that can be seen as the acceptance of a gamble that can yield various outcomes with different probabilities.
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Human Nature in Politics: The Dialogue of Psychology with Political Science
TL;DR: The authors compare two theories of human rationality: procedural, bounded rationality from contemporary cognitive psychology and global, substantive rationality from economics, and conclude that the model predictions rest primarily on the auxiliary assumptions rather than deriving from the rationality principle.
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Rationalizable Strategic Behavior
TL;DR: This paper argued that rationality consists of making a decision which is justifiable by an internally consistent system of beliefs, rather than one which is optimal, post hoc, in a noncooperative game.