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...

Kohl, since antiquity has always been given a prime importance in ophthalmology for the protection and treatment of various eye ailments. However, for decades various conflicting reports in the literature have been published relating to Kohl application to eyes being responsible for causing higher blood lead concentration, which may cause lead poisoning. While at the same time, a number of rese...

 Received transportation to and from the campus in excess of my actual round-trip transportation costs on a direct route between my home (or site of my athletics competition or educational institution) and the institution’s campus for an official visit;  Any knowledge that my friends or relative received reimbursement or cost-free transportation or travel expenses for the visit;  Received tr...

We study asset prices in an economy where investors derive direct utility not only from consumption but also from uctuations in the value of their Žnancial wealth. They are loss averse over these uctuations, and the degree of loss aversion depends on their prior investment performance. We Žnd that our framework can help explain the high mean, excess volatility, and predictability of stock ret...

Professor Qiang Li graduated from Tianjin Medical University and got systematic training in surgical oncology in Princess Alexander Hospital of University of Queensland. He is expertised in surgical treatment of liver cancer, pancreatic cancer, and cholangiocarcinoma, especially in resection of high bile duct carcinoma and hilar cholangiocarcinoma. He is now vice president of Tianjin Medical Un...

The prospect of gaining money is an incentive widely at play in the real world. Such monetary motivation might have particularly strong influence when the cognitive system is challenged, such as when needing to process conflicting stimulus inputs. Here, we employed manipulations of reward-prospect and attentional-preparation levels in a cued-Stroop stimulus conflict task, along with the high te...

Whilst Cumulative Prospect theory (CPT) provides an explanation of gambling on longshots at actuarially unfair odds, it cannot explain why people might bet on more favoured outcomes. This paper shows that this is explicable if the degree of loss aversion experienced by the agent is reduced for small-stake gambles (as a proportion of wealth), and probability distortions are greater over losses t...

People are sometimes risk-averse in gains but risk-loving in losses. Such behavior and other anomalies underlying prospect theory arise from a model of local status maximization in which consumers compare their wealth with other consumers of similar wealth. This social explanation shares key features with the psychological explanation offered by Kahneman and Tversky. JEL Classification: D81, D11

We study equilibrium trading strategies and market quality in an economy in which speculators display preferences consistent with Prospect Theory (Kahneman and Tversky, [39]; Tversky and Kahneman, [63]), i.e., loss aversion and mild risk seeking in losses. Loss aversion (risk seeking in losses) induces speculators to trade less (more), and less cautiously (more aggressively), with their private...