Choices, Values, and Frames (Paperback)

Daniel Kahneman

ISBN 10: 0521627494 / ISBN 13: 9780521627498

Published by Cambridge University Press, Cambridge, 2000

About this Item

Paperback. This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse 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. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making. Choices, Values, and Frames 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. The book also elaborates on framing effects and other demonstrations that preferences are constructed in context, and it develops new approaches to the standard view of choice-based utility. As with the classic 1982 volume, Judgment Under Uncertainty, this volume is comprised of papers published in diverse academic journals. The editors have written several new chapters and a preface to provide a context for the work. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability. Seller Inventory # 9780521627498

Bibliographic Details

Title: Choices, Values, and Frames (Paperback)

Publisher: Cambridge University Press, Cambridge

Publication Date: 2000

Binding: Paperback

Condition: new

Edition: 1st Edition

About this title

Synopsis:

Choices, Values, and Frames 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. The book also elaborates on framing effects and other demonstrations that preferences are constructed in context, and it develops new approaches to the standard view of choice-based utility. As with the classic 1982 volume, Judgment Under Uncertainty, this volume is comprised of papers published in diverse academic journals. The editors have written several new chapters and a preface to provide a context for the work.

About the Author:

Kahneman is the Eugene Higgins Professor of Psychology and Professor of Public Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University. He has been a faculty member at Hebrew University, Israel, the University of British Columbia, Canada, and the University of California, Berkeley.