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
A Genetically Mediated Bias in Decision Making Driven by Failure of Amygdala Control
Jonathan P. Roiser,B. de Martino,Geoffrey Tan,Dharshan Kumaran,Ben Seymour,Nicholas W. Wood,Raymond J. Dolan +6 more
TL;DR: The data suggest that genetically mediated differences in prefrontal–amygdala interactions underpin interindividual differences in economic decision making.
Journal ArticleDOI
The Gatekeeping Function: Distributions of Information in Media and the Real World
TL;DR: In this article, a new automated content-analytic procedure was used to analyze the differences between the distribution of information in the media and the real world, and to identify the gate-keeping function.
Journal ArticleDOI
Doctoral Education in the Field of Entrepreneurship
Candida G. Brush,Irene M. Duhaime,William B. Gartner,Alex Stewart,Jerome A. Katz,Michael A. Hitt,Sharon Alvarez,G. Dale Meyer,Sankaran Venkataraman +8 more
TL;DR: In this paper, the authors developed from efforts of a Task Force formed by the Entrepreneurship Division of the Academy of Management in response to several important observations: growing demand for faculty in entrepreneurship, growing membership in the division, more participants in doctoral and junior faculty consortia, increasing attention to entrepreneurship education at all academic levels, and the implementation of more doctoral seminars and programs in the field.
Journal ArticleDOI
Influence of Wording and Framing Effects on Moral Intuitions
TL;DR: The authors found that framing effects were produced by posing dilemma problems in different orders and in different contexts, and that the presence and strength of the effects seem to depend on a variety of psychological factors that the problem sets activate.
BookDOI
Handbook of Consumer Finance Research
TL;DR: In this paper, the authors provide an overview of consumer finance research from multidisciplinary perspectives, focusing on consumer finance from a multidisciplinarity perspective, and provide a review of the state of the art in consumer finance.
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.