Transcription of Choices, Values, and Frames - University of Missouri
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Choices, Values, and Frames - University of Missouri
1983 APA Award AddressesChoices, Values, and FramesDaniel Kahneman University of British ColumbiaAmos Tversky Stanford UniversityABSTRACT: We discuss the cognitive and the psy-chophysical determinants of choice in risky and risk-less contexts. The psychophysics of value induce riskaversion in the domain of gains and risk seeking inthe domain of losses. The psychophysics of chanceinduce overweighting of sure things and of improbableevents, relative to events of moderate probability. De-cision problems can be described or framed in multipleways that give rise to different preferences, contraryto the invariance criterion of rational choice . The pro-cess of mental accounting, in which people organizethe outcomes of transactions, explains some anomaliesof consumer behavior.
1983 APA Award Addresses Choices, Values, and Frames Daniel Kahneman University of British Columbia Amos Tversky Stanford University ABSTRACT: We discuss the cognitive and the psy-
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