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Tag: bias

Behavioral Economics: Prospect Theory

by Allison GuernyPosted onJanuary 29, 2011January 29, 2011

One of the most well-known economic theory papers is Prospect Theory, written by Kahneman and Tversky. Prospect Theory discusses how people violate Expected Utility Theory by valuing gains and losses differently from one another Before we get into Prospect Theory…

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Behavioral Economics: Our Decision-Making is Flawed

by Allison GuernyPosted onJanuary 24, 2011August 2, 2011

This is week two of my behavioral economics crash-course, where I’ll be giving a general overview of a few effects and biases that cause people to act irrationally. There’s so many more, some we’ll get to in later weeks, but…

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