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
Framing decisions: Hypothetical and real
TL;DR: In this article, the authors used the well-known framing effect (a tendency of risk-aversion for gains and of riskseeking for losses) to investigate whether human decision making in hypothetical choice situations is at all warranted, or under what conditions.
Journal ArticleDOI
Bodies of Knowledge for Research in Behavioral Operations
TL;DR: In this paper, the authors present a review of existing bodies of knowledge for behavioral operations management (OM) researchers interested in the new area of behavioral operations, highlighting theoretical constructs and empirical phenomena from cognitive psychology, social psychology, group dynamics, and system dynamics.
Posted Content
Commanding Board of Director Attention: Investigating How Organizational Performance and CEO Duality Affect Board Members Attention to Monitoring
TL;DR: The theory and results indicate that achieving temporary advantage is more difficult than previously thought and that the erosion of advantage occurs routinely as a result of dynamic and interactive rivalry.
Journal ArticleDOI
Analogy-based expectation equilibrium
Philippe Jehiel,Philippe Jehiel +1 more
TL;DR: In this paper, a solution concept for multi-stage games with perfect information is proposed, where at every node players choose best-responses to their analogy-based expectations, and expectations correctly represent the average behavior in every class.
Book ChapterDOI
A frame in the fields: Policy making and the re-invention of politics
TL;DR: In this paper, the authors argue that people do not always have clear-cut identities or preferences, and that they regard "party politics" with a certain cynicism, and are much more "spectators" than participants.
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.