search query: @author Theil, M. / total: 5
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| Author: | Theil, M. |
| Title: | Die "prospect"-Theorie als Erklärungsmuster realen Entscheidungsverhaltens: Anmerkungen zum beitrag von Lehner in JFB 3/96. |
| Journal: | Journal für Betriebswirtschaft
1997 : VOL. 47:1, p. 26-34 |
| Index terms: | DECISION THEORY UTILITY EXPECTATIONS RETURN ON INVESTMENT UNCERTAINTY |
| Language: | ger |
| Abstract: | The Prospect Theory Approach to Explain Real-life Decision Making. A Comment to Lehner in JFB 3/1996 In a recent paper, Lehner describes prospect theory as a possible alternative to the classic expected utility model. He illustrates his position with some examples of real-life decisions to show the descriptive abilities of this theory. The present article adds to Lehner in several aspects: First comparative research provides a review of the basic features of prospect theory. Subsequently, the new representation, called cumulative prospect theory, as well as its differences to the original model are discussed. In the past years, prospect theory has been applied to various fields of decision-making. However, while some studies lend support to the predictions of prospect theory, others lead to different and sometimes contrasting results. |
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