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Advances in prospect theory: Cumulative representation of uncertainty
We develop a new version of prospect theory that employs cumulative rather than separable decision weights and extends the theory in several respects. This version, called cumulative prospect theory,… Expand
Judgment under Uncertainty: Heuristics and Biases.
This article described three heuristics that are employed in making judgements under uncertainty: (i) representativeness, which is usually employed when people are asked to judge the probability that… Expand
Prospect theory: An analysis of decision under risk Econometrica 47
A lubricator valve apparatus adapted for use when running wireline tools into an offshore well during a production test of the well. The valve includes a valve body having a central flow passage and… Expand
Features of Similarity
- A. Tversky
- 1 July 1977
The metric and dimensional assumptions that underlie the geometric representation of similarity are questioned on both theoretical and empirical grounds. A new set-theoretical approach to similarity… Expand
The framing of decisions and the psychology of choice.
The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed… Expand
Choices, Values, and Frames
We discuss the cognitive and the psy- chophysical determinants of choice in risky and risk- less contexts. The psychophysics of value induce risk aversion in the domain of gains and risk seeking in… Expand
Loss Aversion in Riskless Choice: A Reference-Dependent Model
Much experimental evidence indicates that choice depends on the status quo or reference level: changes of reference point often lead to reversals of preference. We present a reference-dependent… Expand
Availability: A heuristic for judging frequency and probability
Abstract This paper explores a judgmental heuristic in which a person evaluates the frequency of classes or the probability of events by availability, i.e., by the ease with which relevant instances… Expand
Judgement under Uncertainty: Heuristics and Biases