This response assignment will be on a classic paper “Prospect theory: an analysis of decision under riskLinks to an external site.” by Daniel Kahneman and Amos Tversky. The authors were writing from the perspective of psychologists critiquing the canonical model of Expected Utility Theory. They report the results of hypothetical choice problems posed to real people to illuminate ways in which behavior appears to systematically contradict a strict interpretation of EUT. They propose a reformulation of EUT to incorporate what they see as the behavioral regularities they have found. In class we’ll be learning more about how EUT works, why it’s such a simple and useful model, and about some of the ways economists have tried to enrich the model to incorporate the kind of evidence that Kahneman and Tversky introduced to the debate.
Reading response on Prospect theory: an analysis of decision under riskLinks to an external site
Please write at least 300-500 words to tell us what you took away from the reading. What stood out to you? What was interesting, confusing, or surprising? What connections came to your mind when reading? You can refer back to the prompt for reading response 1 if you’d like a reminder of how to approach the reading responses in genera
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