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.
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, Slovic & Tversky, 1982), and developed Prospect theory (Kahneman & Tversky, 1979). He was awarded the 2002 Nobel Prize in Economics for his work in Prospect theory. Currently, he is professor emeritus of psychology at Princeton University's Department of Psychology.
Daniel Kahneman y the late Amos Tversky han comenzado una nueva perspectiva sobre las categorías económicas tradicionales de elección, decisión y valor. Una serie de estudios experimentales y empíricos realizados por ellos y otros han rechazado los supuestos económicos tradicionales de racionalidad.
This is a good list of articles by behavioral economists Kahneman, Tversky, Knetsch, Rabin, Thaler, Camerer, and many others, getting all smart about human irrationality, based on lightly-controlled experiments forged on tiny samples.
Extraordinary collection of academic papers with insights into how actual human agents veer from rational choices. The paper on optimism and the utility of using an "outside view" to ground assumptions stuck with me.