Journal ArticleDOI
The Framing of Decisions and the Psychology of Choice
Amos Tversky,Daniel Kahneman +1 more
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The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed in different ways.Abstract:
The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed in different ways. Reversals of preference are demonstrated in choices regarding monetary outcomes, both hypothetical and real, and in questions pertaining to the loss of human lives. The effects of frames on preferences are compared to the effects of perspectives on perceptual appearance. The dependence of preferences on the formulation of decision problems is a significant concern for the theory of rational choice.read more
Citations
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Journal ArticleDOI
Shaping Perceptions to Motivate Healthy Behavior: The Role of Message Framing
TL;DR: The authors discuss the cognitive and affective processes that may mediate the influence of framed information on judgment and behavior and the relative effectiveness of gain-framing or loss-framed appeals.
Journal ArticleDOI
The somatic marker hypothesis: A neural theory of economic decision
TL;DR: A neural model for economic decision is proposed, in which emotions are a major factor in the interaction between environmental conditions and human decision processes, with these emotional systems providing valuable implicit or explicit knowledge for making fast and advantageous decisions.
Journal ArticleDOI
Retrospective reports of strategic‐level managers: Guidelines for increasing their accuracy
George P. Huber,Danial J. Power +1 more
TL;DR: This paper reviews several sources of the data inaccuracies that commonly affect retrospective data and offers guidelines for reducing the occurrence or magnitude of these inaccuracies.
Journal Article
Data Collection in a Flat World: Strengths and Weaknesses of Mechanical Turk Samples
TL;DR: MTurk offers a highly valuable opportunity for data collection, and it is recommended that researchers using MTurk include screening questions that gauge attention and language comprehension, avoid questions with factual answers, and consider how individual differences in financial and social domains may influence results.
Journal ArticleDOI
The development of achievement task values: A theoretical analysis
TL;DR: In this article, the authors present a theoretical analysis of the nature and development of children's achievement task values and discuss different theoretical components of achievement values and present empirical evidence for these components.
References
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Book ChapterDOI
Prospect theory: an analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
Book
Judgment Under Uncertainty: Heuristics and Biases
Amos Tversky,Daniel Kahneman +1 more
TL;DR: The authors described three heuristics that are employed in making judgements under uncertainty: representativeness, availability of instances or scenarios, and adjustment from an anchor, which is usually employed in numerical prediction when a relevant value is available.
Journal ArticleDOI
Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Book
Theory of Games and Economic Behavior
TL;DR: Theory of games and economic behavior as mentioned in this paper is the classic work upon which modern-day game theory is based, and it has been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations.
Journal ArticleDOI
A Behavioral Model of Rational Choice
TL;DR: In this article, a model for the description of rational choice by organisms of limited computational ability is proposed, and the model is used to describe rational choice in organisms with limited computational abilities.