Amos liked to call good ideas “raisins.” There were three raisins in the new theory. The first was the realization that people responded to changes rather than absolute levels. The second was the discovery that people approached risk very differently when it involved losses than when it involved gains. Exploring people’s responses to specific gambles, they found a third raisin: People did not respond to probability in a straightforward manner. Amos and Danny already knew, from their thinking about regret, that in gambles that offered a certain outcome, people would pay dearly for that
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