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Prospect Theory

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Prospect Theory Synopsis

Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.

About This Edition

ISBN: 9780521765015
Publication date:
Author: Peter P Erasmus Universiteit Rotterdam Wakker
Publisher: Cambridge University Press
Format: Hardback
Pagination: 518 pages
Genres: Economic theory and philosophy
Decision theory: general
Probability and statistics