Does prospect theory warrant a paradigm shift in the economics of risk?
This paper assesses whether a paradigm shift should be made from expected utility framework to prospect theory framework – in the economics of choice under risk. A brief overview of the subject is outlined, starting with expected utility theory and noting its descriptive limitations. Proposed theori...
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| Format: | Article |
| Language: | English |
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AOSIS
2014-07-01
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| Series: | South African Journal of Economic and Management Sciences |
| Online Access: | https://sajems.org/index.php/sajems/article/view/1149 |