Prospect Theory in the Heterogeneous Agent Model
نویسندگان
چکیده
منابع مشابه
stock pricing model based on prospect theory
this article investigates fluctuations in stocks prices at tehran stock exchange, assuming that investors' utility stems from fluctuations in value of stocks as well as consumption. thus, the two behavioral phenomena discussed in prospect theory, i. e. loss aversion and house money effect, were factored into consumption-based asset pricing model and investor's utility function, which ...
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15 صفحه اولProspect Theory
Prospect theory is a descriptive theory of how individuals choose among risky alternatives. The theory challenged the conventional wisdom that economic decision makers are rational expected utility maximizers. We present a number of empirical demonstrations that are inconsistent with the classical theory, expected utility, but can be explained by prospect theory. We then discuss the prospect th...
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Prospect theory (Kahneman & Tversky, 1979) predictions were examined in light of ethnocentrism and intergroup conflict. An experiment conducted at the outset of the 2003 invasion of Iraq by the U.S., U. K. and their allies explored American and British participants’ preferences for certain versus uncertain gains and losses concerning Iraqi, American, and British lives. In four conditions, parti...
متن کاملProspect Theory and the Brain
Whether we like it or not we face risk every day of our lives. From selecting a route home from work to selecting a mate, we rarely know in advance and with certainty what the outcome of our decisions will be. Thus, we are forced to make tradeoffs between the attractiveness (or unattractiveness) of potential outcomes and their likelihood of occurrence. The lay conception of risk is associated w...
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ژورنال
عنوان ژورنال: Journal of Economic Interaction and Coordination
سال: 2018
ISSN: 1860-711X,1860-7128
DOI: 10.1007/s11403-018-0219-6