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Choices, Values, and Frames

Choices, Values, and Frames

$73.00 (Z)

textbook
Daniel Kahneman, Amos Tversky, Drazen Prelec, Craig R. Fox, Jack L. Knetsch, Richard H. Thaler, Ian Bateman, Alistair Munro, Bruce Rhodes, Chris Starmer, Robert Sugden, Eric J. Johnson, John Hershey, Jacqueline Meszaros, Howard Kunreuther, Colin Camerer, Shlomo Benzarti, Eldar Shafir, Peter Diamond, Linda Babcock, George L. Loewenstein, Terrance Odean, Daniel Lovallo, David Cohen, George A. Quattrone, Paul Slovic, Shmuel Sattath, Itamar Simonson, Christopher K. Hsee, George F. Loewenstein, Baruch Fischoff, Ilana Ritov, David Schkade, Dale Griffin, Daniel Adler, Peter P. Wakker, Rakesh Sarin
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  • Date Published: September 2000
  • availability: In stock
  • format: Paperback
  • isbn: 9780521627498

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About the Authors
  • 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.

    • Includes complete versions of most-often cited articles in the field of decision making
    • Articles are easily accessible to those who possess little technical knowledge of formal decision theory or psychology
    • Kahneman is very famous in his field
    Read more

    Reviews & endorsements

    "Daniel Kahneman and the late Amos Tversky have started a new perspective on the traditional economic categories of choice, decision, and value. A series of experimental and empirical studies by them and others have rejected traditional economic assumptions of rationality. Even more importantly, these scholars have developed alternative generalizations with significant predictive power and have found empirical verification for them. This outstanding collection of studies will make these new results widely accessible." Kenneth J. Arrow, Joan Kenney Professor of Economics, Emeritus and Professor of Operations Research, Emeritus, Stanford University

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    Product details

    • Date Published: September 2000
    • format: Paperback
    • isbn: 9780521627498
    • length: 860 pages
    • dimensions: 236 x 156 x 34 mm
    • weight: 1.07kg
    • contains: 79 b/w illus. 66 tables
    • availability: In stock
  • Table of Contents

    1. Choices, values, and frames
    Part I. Prospect Theory and Extensions:
    2. Prospect theory: an analysis of decision under risk
    3. Advances in prospect theory: cumulative representation of uncertainty
    Part II. The Certainty Effect and the Weighting Function:
    4. Compound invariant weighting function in prospect theory
    5. Weighing risk and uncertainty
    6. A belief-based account of decision under uncertainty
    Part III. Loss Aversion and the Value Function:
    7. Loss aversion in riskless choice: a reference-dependent model
    8. Anomalies: the endowment effect, loss aversion, and status quo bias
    9. The endowment effect and evidence of nonreversible indifference curves
    10. A test of the theory of reference-dependent preferences
    Part IV. Framing and Mental Accounting:
    11. Rational choice and the framing of decisions
    12. Framing, probability distortions, and insurance decisions
    13. Mental accounting matters
    Part V. Applications:
    14. Toward a positive theory of consumer choice
    15. Prospect theory in the wild: evidence from the field
    16. Myopic loss aversion and the equity premium puzzle
    17. Fairness as a constraint on profit seeking: entitlements in the market
    18. Money illusion
    19. Labor supply of New York City cab drivers: one day at a time
    20. Are investors reluctant to realize their losses?
    21. Timid choices and bold forecasts: a cognitive perspective on risk taking
    22. Overconfidence and excess entry: an experimental approach
    23. Judicial choice and disparities between measures of economic values
    24. Contrasting rational and psychological analyses of political choice
    25. Conflict resolution: a cognitive perspective
    Part VI. The Multiplicity of Value: Reversals of Preference:
    26. The construction of preference
    27. Contingent weighting in judgment and choice
    28. Context-dependent preferences
    29. Ambiguity aversion and comparative ignorance
    30. The evaluability hypothesis: explaining joint-separate preference reversals and beyond
    Part VII. Choice over Time:
    31. Preferences for sequences of outcomes
    32. Anomalies in intertemporal choice: evidence and an interpretation
    Part VIII. Alternative Conceptions of Value:
    33. Reason-based choice
    34. Value elicitation: is there anything in there?
    35. Economists have preferences, psychologists have attitudes: an analysis of dollar responses to public issues
    Part IX. Experienced Utility:
    36. Endowments and contrast in judgments of well-being
    37. A bias in the prediction of tastes
    38. The effect of purchase quantity and timing on variety-seeking behavior
    39. Back to Bentham? Explorations of expereiences utility
    40. New challenges to the rationality assumption.

  • Editors

    Daniel Kahneman, Princeton University, New Jersey

    Amos Tversky, Stanford University, California

    Contributors

    Daniel Kahneman, Amos Tversky, Drazen Prelec, Craig R. Fox, Jack L. Knetsch, Richard H. Thaler, Ian Bateman, Alistair Munro, Bruce Rhodes, Chris Starmer, Robert Sugden, Eric J. Johnson, John Hershey, Jacqueline Meszaros, Howard Kunreuther, Colin Camerer, Shlomo Benzarti, Eldar Shafir, Peter Diamond, Linda Babcock, George L. Loewenstein, Terrance Odean, Daniel Lovallo, David Cohen, George A. Quattrone, Paul Slovic, Shmuel Sattath, Itamar Simonson, Christopher K. Hsee, George F. Loewenstein, Baruch Fischoff, Ilana Ritov, David Schkade, Dale Griffin, Daniel Adler, Peter P. Wakker, Rakesh Sarin

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