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
Differentiation and consolidation theory of human decision making: A frame of reference for the study of pre- and post-decision processes
TL;DR: Differentiation and consolidation theory of decision making as mentioned in this paper models human decision making as an active process in which one alternative is gradually differentiated from other available alternatives, and predicts consolidation processes which work in favor of the chosen alternative.
Journal ArticleDOI
Emotion and Group Cohesion in Productive Exchange
TL;DR: In this paper, a theory of relational cohesion was proposed to explain how and when actors become committed to one another in the context of multi-actor exchange, showing that frequent social exchange results in positive emotions that solidify and strengthen the person to group bond and uncertainty reduction that renders the focal group more salient in relation to others.
Book
A theory of case-based decisions
Itzhak Gilboa,David Schmeidler +1 more
TL;DR: Gilboa and Schmeidler as discussed by the authors provide a new paradigm for modeling decision making under uncertainty, which suggests that people make decisions by analogies to past cases, and they tend to choose acts that performed well in the past in similar situations, and to avoid act that performed poorly.
Journal ArticleDOI
The Systematic Influence of Gain-and Loss-Framed Messages on Interest in and Use of Different Types of Health Behavior
TL;DR: In this article, the relative influence of gain-and loss-framed messages is contingent on people's perception of the risk or uncertainty associated with adopting the recommended behavior, and the authors provide a direct test of this conceptual framework.
Posted Content
Aspects of Endowment: A Query Theory of Value Construction
TL;DR: The authors provide a memory-based account of endowment, suggesting that people construct values by posing a series of queries whose order differs for sellers and choosers, and that these aspects predict valuations.
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.