11min chapter

Opinion Science cover image

"...Ridiculous" Ep. 2: Importing Psychology

Opinion Science

CHAPTER

Unveiling Prospect Theory: Challenging Rationality in Decision-Making

Exploring the early stages of Prospect Theory's development, the chapter showcases how Thaler, Kahneman, and Tversky revolutionized the understanding of human decision-making by questioning traditional economic rationality and highlighting systematic errors over random ones.

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