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This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as (...) No categories |
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Regret and disappointment have in common the fact that they are experienced when the outcome of a decision is unfavourable: They both concern “what might have been”, had things been different. However, some regret and disappointment theorists regard the differences between these emotions as important, arguing that they differ with respect to the conditions under which they are felt, and how they affect decision making. The goal of the present research was to examine whether and how these emotions also differ (...) |
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In this urbane and witty book, Ronald de Sousa disputes the widespread notion that reason and emotion are natural antagonists. |
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Several decision rules, including the minimax regret rule, have been posited to suggest optimizing strategies for an individual when neither objective nor subjective probabilities can be associated to the various states of the world. These all share the shortcoming of focusing only on extreme outcomes. This paper suggests an alternative approach of âtempered regretsâ which may more closely replicate the decision process of individuals in those situations in which avoiding the worst outcome tempers the loss from not achieving the best (...) |
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This book attempts to understand regret, an emotion that bridges the actual and the possible, the past and present. Through a wealth of sources it takes up questions of the meaning of regret and how it differs from similar experiences such as remorse and guilt; what sorts of things people most often regret; and the roots of regret in circumstances and in who we are. It takes issue with the view common both in this culture and in leading theories of (...) |
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Linking the process of rational decision making to emotions, an award-winning scientist who has done extensive research with brain-damaged patients notes the dependence of thought processes on feelings and the body's survival-oriented regulators. 50,000 first printing. |
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In an earlier paper (Elster, 1989 a), I discussed the relation between rationality and social norms. Although I did mention the role of the emotions in sustaining social norms, I did not focus explicitly on the relation between rationality and the emotions. That relation is the main topic of the present paper, with social norms in a subsidiary part. |
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