Prospect theory and beyond
4 important questions on Prospect theory and beyond
What effect is displayed here: the utilities of outcomes are weighted by their probabilities, but people's preferences systematically violate this principle - people are more influenced by the higher outcome. If outcomes are certain, the weight of them is more important, but people overweigh certain outcomes.
In gambles where you lose money the choice of people turns around (risk seeking instead of risk averse). Expected Utility only describes people being risk averse (concave curve), and also inconsistent with the idea that people like certainty and dislike risk. - What is described above?
Negative outcomes results in much more disutility than a positive outcome gives you utility, because of ... (losing 50 hurts more than winning 50 makes you happy)
- Higher grades + faster learning
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What effect is described here: "difference in willingness to pay and willingness to accept - people do not want to part with their possessions - losing hurts more than trading makes you happy (e.g. Buying wine feels like an investment and not as a loss. Drinking wine 10 years later feels free or as profit because they paid for it years ago)''
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
