Understanding and appreciating Behavioral Economics fundamentals (for example, Herbert Simon’s “bounded rationality” or Tversky, Kahneman’s “Prospect Theory”) and how they may apply to day to day life/ organizational tasks, is not always easy. 136 more words
Tags » Daniel Kahneman
I first got stumbled upon the term “Prospect Theory” few years back in Daniel Kahneman’s wonderful piece of art, Thinking Fast and Slow.
It was in 1979 when Daniel Kahneman along with his colleague, the late psychologist Amos Tversky delivered a paper in Econometrica by the name “Prospect Theory: An Analysis of Decision under Risk” (here is the… 536 more words