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
The underlying anatomical correlates of long-term meditation: Larger hippocampal and frontal volumes of gray matter
TL;DR: Using high-resolution MRI data of 44 subjects, voxel-based morphometry was applied in association with a recently validated automated parcellation approach and detected significantly larger gray matter volumes in meditators in the right orbito-frontal cortex and hippocampus, suggesting regional alterations in brain structures constitute part of the underlying neurological correlate of long-term meditation independent of a specific style and practice.
Journal Article
Discretionary disclosure strategies in corporate narratives : incremental information or impression management?
TL;DR: This paper reviewed and synthesized the literature on discretionary narrative disclosures and explored why, how, and whether preparers of corporate narrative reports use discretionary disclosures in corporate narrative documents and how, how and whether users react to them.
Journal ArticleDOI
Moving forward: Balancing the financial and emotional costs of business failure
TL;DR: In this paper, the authors acknowledge that delaying business failure can be financially costly to the owner-manager and that delaying failure can also result in job losses for both the owner and the manager.
Posted Content
Maps of Bounded Rationality
TL;DR: The work cited by the Nobel committee was done jointly with the late Amos Tversky (1937-1996) during a long and unusually close collaboration as mentioned in this paper, where they explored the psychology of intuitive beliefs and choices and examined their bounded rationality.
Journal ArticleDOI
Selfishness examined: Cooperation in the absence of egoistic incentives.
TL;DR: In a series of experimental social dilemmas, subjects were instructed to make single, anonymous choices about whether or not to contribute money for a shared "bonus" that would be provided only if enough other people in the group also contributed their money as discussed by the authors.
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.