Journal ArticleDOI
The Framing of Decisions and the Psychology of Choice
Amos Tversky,Daniel Kahneman +1 more
Reads0
Chats0
TLDR
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
More filters
Journal ArticleDOI
An Econometric Analysis of the Impact of Terrorism on Tourism
TL;DR: In this paper, the authors quantified the impact that terrorism has had on tourism since 1970 and estimated a forecasting equation for a country's (region's) share of tourism using an ARIMA model with a transfer function based on the time series of terrorist attacks in the country (or region).
Journal ArticleDOI
The Automaticity of Affect for Political Leaders, Groups, and Issues: An Experimental Test of the Hot Cognition Hypothesis
Milton Lodge,Charles S. Taber +1 more
TL;DR: The hot cognition hypothesis as mentioned in this paper posits that all sociopolitical concepts that have been evaluated in the past are affectively charged and that this affective charge is automatically activated within milliseconds on mere exposure to the concept, appreciably faster than conscious appraisal of the object.
Journal ArticleDOI
A new look at framing effects: Distribution of effect sizes, individual differences, and independence of types of effects
TL;DR: In this article, the authors used two sessions, spaced one week apart, to give each of 102 participants both framing conditions and all three types of framing: attribute framing, goal framing, and risky choice framing.
Journal ArticleDOI
Barriers to Household Risk Management: Evidence from India
TL;DR: In this paper, the authors used a series of randomized field experiments in rural India to test the importance of price and non-price factors in the adoption of an innovative rainfall insurance product.
Journal ArticleDOI
The influence of positive affect on acceptable level of risk: The person with a large canoe has a large worry
Alice M. Isen,Nehemia Geva +1 more
TL;DR: This paper investigated the influence of positive affect, induced by a small bag of candy, on risk preference and on thoughts about losing and found that persons in the positive affect condition tended to be more risk prone (to set a lower probability level) than control subjects.
References
More filters
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.