Prospect Theory Value Function (Source: http://flevy.com/blog/why-people-wont-buy-your-product-even-though-its-awesome)

Prospect Theory Value Function (Source: http://flevy.com/blog/why-people-wont-buy-your-product-even-though-its-awesome)

Prospect theory. Dan Kahneman and Amos Tversky’s behavioural economics theory modeling how we make decisions. It illustrates, among other things, some of the non-rational decisions we make as we are guided by emotion and heuristics in decisions. The...

Prospect theory. Dan Kahneman and Amos Tversky’s behavioural economics theory modeling how we make decisions. It illustrates, among other things, some of the non-rational decisions we make as we are guided by emotion and heuristics in decisions. The...

Kahneman and Tversky's Prospect Theory

Kahneman and Tversky's Prospect Theory

Daniel Kahneman is an Israeli-American psychologist and winner of the 2002 Nobel Memorial Prize in Economic Sciences. He is notable for his work on the psychology of judgment and decision-making, behavioral economics and hedonic psychology. With Amos Tversky and others, Kahneman established a cognitive basis for common human errors which arise from heuristics and biases, and developed prospect theory.

Daniel Kahneman is an Israeli-American psychologist and winner of the 2002 Nobel Memorial Prize in Economic Sciences. He is notable for his work on the psychology of judgment and decision-making, behavioral economics and hedonic psychology. With Amos Tversky and others, Kahneman established a cognitive basis for common human errors which arise from heuristics and biases, and developed prospect theory.

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