Reference-Dependent Risk Attitudes

  title={Reference-Dependent Risk Attitudes},
  author={Daniel Kahneman and Amos Tversky and Botond Ko�szegi and Matthew Rabin},
Daniel Kahneman and Amos Tversky’s (1979) prospect theory, and the literature building from it, provide theories of risk attitudes based on a few regularities. Most importantly, evaluation of an outcome is influenced by how it compares to a reference point, with people exhibiting both a significantly greater aversion to losses than appreciation of gains, and a diminishing sensitivity to changes in an outcome as it moves farther from the reference point. In addition, people weight the… CONTINUE READING
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