Choices, Values, and Frames

By Daniel Kahneman, Amos Tversky

Categories: Business & Money, Science & Math

Edited by Daniel Kahneman and Amos Tversky, this volume collects key papers on how people make decisions under risk and uncertainty. It presents an empirical and theoretical challenge to classical utility theory, offering prospect theory as an alternative framework, and shows how framing, loss aversion and mental accounting affect choices. Contributions from leading researchers extend these ideas to economics, finance, law, medicine and public policy.

Recommended by 1 person

• Shane Parrish: “…presents an empirical and theoretical challenge to classical utility theory, offering prospect theory as an alternative framework. Extensions and applications to diverse economic phenomena and to studies of consumer behavior are discussed.”