Journal ArticleDOI
The Framing of Decisions and the Psychology of Choice
Amos Tversky,Daniel Kahneman +1 more
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
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Journal ArticleDOI
Perception of risk.
TL;DR: This research aims to aid risk analysis and policy-making by providing a basis for understanding and anticipating public responses to hazards and improving the communication of risk information among lay people, technical experts, and decision-makers.
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Strategic assets and organizational rent
TL;DR: In this article, the authors focus on the linkages between the industry analysis framework, the resource-based view of the firm, behavioral decision biases and organizational implementation issues, and connect the concept of Strategic Industry Factors at the market level with the notion of Strategic Assets at the firm level.
Journal ArticleDOI
Organizational Learning: The Contributing Processes and the Literatures
TL;DR: The literature on knowledge acquisition is voluminous and multi-faceted as mentioned in this paper, and so the knowledge acquisition construct is portrayed as consisting of five subconstructs or subprocesses: 1 drawing on knowledge available at the organization's birth, 2 learning from experience, 3 learning by observing other organizations, 4 grafting on to itself components that possess knowledge needed but not possessed by the organization, and 5 noticing or searching for information about the environment and performance.
Posted Content
Choices, Values, and Frames
Daniel Kahneman,Amos Tversky +1 more
TL;DR: Prospect theory as mentioned in this paper is an alternative to the classical utility theory of choice, and has been used to explain many complex, real-world puzzles, such as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days.
Journal ArticleDOI
Framing Processes and Social Movements: An Overview and Assessment
Robert D. Benford,David A. Snow +1 more
TL;DR: The recent proliferation of research on collective action frames and framing processes in relation to social movements indicates that framing processes have come to be regarded, alongside resource mobilization and political opportunity processes, as a central dynamic in understanding the character and course of social movements.
References
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Journal ArticleDOI
Risk, Ambiguity, and the Savage Axioms
TL;DR: The notion of "degrees of belief" was introduced by Knight as mentioned in this paper, who argued that people tend to behave "as though" they assigned numerical probabilities to events, or degrees of belief to the events impinging on their actions.
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Theory of Games and Economic Behavior
TL;DR: In this article, the authors show that the maximization of individual wealth is not an ordinary problem in variational calculus, because the individual does not control, and may even be ignorant of, some of the variables.
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Toward a positive theory of consumer choice
TL;DR: The economic theory of the consumer is a combination of positive and normative theories as discussed by the authors, which describes how consumers should choose, but it is also described how they do choose, and in certain well-defined situations many consumers act in a manner that is inconsistent with economic theory.
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Rational choice and the structure of the environment.
TL;DR: A comparative examination of the models of adaptive behavior employed in psychology and economics shows that in almost all respects the latter postulate a much greater complexity in the choice mechanisms, and a much larger capacity in the organism for obtaining information and performing computations than do the former.