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Choices, Values, and Frames

4.16  ·  Rating details ·  552 ratings  ·  4 reviews
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 co ...more
Paperback, 860 pages
Published October 30th 2017 by Cambridge University Press (first published September 25th 2000)
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Mar 24, 2008 rated it it was amazing
Shelves: economics
Great collection of some seminal papers from across the economics and psychology literature. Admittedly, much of it goes well over my head but a key chunk of this text is likely to form the foundations for my dissertation.
Oct 19, 2018 marked it as to-keep-reference
Citado en el artículo de Angner en Capabilities and Happiness.
Fabian Il.
Nov 04, 2018 rated it liked it
Dry as one imagines economic papers to be. Great content once one filters out all the unneeded bla-bla around it. Much more time efficient to read Thinking Fast and Slow deeply ...
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From Wikipedia:

Daniel Kahneman (Hebrew: דניאל כהנמן (born 5 March 1934) is an Israeli-American psychologist and winner of the 2002 Nobel Memorial Prize in Economic Sciences, notable for his work on behavioral finance and hedonic psychology.

With Amos Tversky and others, Kahneman established a cognitive basis for common human errors using heuristics and biases (Kahneman & Tversky, 1973, Kahneman
“Problem 8 (N = 200): Imagine that you have decided to see a play and paid the admission price of $10 per ticket. As you enter the theater, you discover that you have lost the ticket. The seat was not marked, and the ticket cannot be recovered. Would you pay $10 for another ticket? Yes (46%) No (54%)   Problem 9 (N = 183): Imagine that you have decided to see a play where admission is $10 per ticket. As you enter the theater, you discover that you have lost a $10 bill.   Would you still pay $10 for a ticket for the play? Yes (88%) No (12%) The difference between the responses to the two problems is intriguing. Why are so many people unwilling to spend $10 after having lost a ticket, if they would readily spend that sum after losing an equivalent amount of cash? We attribute the difference to the topical organization of mental accounts. Going to the theater is normally viewed as a transaction in which the cost of the ticket is exchanged for the experience of seeing the play. Buying a second ticket increases the cost of seeing the play to a level that many respondents apparently find unacceptable. In contrast, the loss of the cash is not posted to the account of the play, and it affects the purchase of a ticket only by making the individual feel slightly less affluent.” 0 likes
“Regret, frustration, and self-satisfaction can also be affected by framing (Kahneman & Tversky, 1982). If” 0 likes
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