Choices, values and frames - Kahneman & Tversky (1983)
9 important questions on Choices, values and frames - Kahneman & Tversky (1983)
Expresses the intuition that a losse of X is more aversive than a gain of X is attractive
When people prefer the sure thing over a gamble even when the gamble has a higher mathematical expectation - which tendency explains the above?
A rejection of a sure thing in favor of a gamble even in situations where this is not the best statistical choice - which tendency explains the above?
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How is the following example called in the principles analyses of rational choices: if A is at least as good as B in every respect and better than B in at least one respect, then A should be preferred to B
Framing of outcomes is a violations of invariances; the same option can be framed in different ways (e.g. A gamble can be framed as gains or losses relative to the status quo). When it's framed as gains, people are .... And when its framed as losses, people are ...
- risk seeking
A sure thing is overweighted in comparison with events of moderate or high probability - an event that's actually uncertain is weighted as if it were certain: what is this effect called?
People set up a mental account in which they make balance of pros and cons associated with the option, relative to a multi-attribute reference state - an option is acceptable if the value of its advantages exceeds the value of its disadvantages. What type of accounting is meant by: relates the consequences of possible choices to a reference level determined by the context within which the decision arises (only focuses on 1 aspect) - dependent on the framed conditions and independent of the non-framed condition in the same problem?
An individual's subjective state can be improved by framing negative outcomes as costs rather than losses (paradox form of behavior) - avoid to waste money, because it's seen as a cost (e.g. Eating more food because you spend money on it than when free): what effect is stated in the above?
The radical hypothesis that rapid adaptation will cause the effects of any objective improvement to be short-lived: what is meant with the above?
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