- Hardcover: 848 pages
- Publisher: Cambridge University Press; illustrated edition edition (25 Sep 2000)
- Language English
- ISBN-10: 0521621720
- ISBN-13: 978-0521621724
- Product Dimensions: 23.4 x 15.6 x 3.5 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (2 customer reviews)
- Amazon Bestsellers Rank: 4,733,794 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Product Description
Review
' … full of great articles, including many of the most important ever written about decision research … More than compensating for any shortcomings is a fascinating and moving introduction written by Kahneman about his collaboration with Tversky. This is inspiring stuff. Even if you already have most of the articles from the book in your file drawer, it is worth getting just for this introduction.' Journal of Behavioural Decision Making
Product Description
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 helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.
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First Sentence
Making decisions is like speaking prose - people do it all the time, knowingly or unknowingly. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Making decisions is like speaking prose - people do it all the time, knowingly or unknowingly. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
17 of 24 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
Words almost fail me. This book is a real joy to possess. Containing an unsurpassed collection of classic papers on behavioural finance and the psychology of choice, it's invaluable for any investor, marketer, consumer or manager.
2 of 3 people found the following review helpful
Format:Paperback
A certain kind of person will find this book very interesting. I recommend to students of behavioural finance at the recreative and academic level.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
13 reviews
64 of 64 people found the following review helpful
SIGNIFICANT ADVANCES IN ECONOMICS THAT LED TO NOBEL PRIZE
15 July 2003
Format:Paperback|Amazon Verified Purchase
Kahneman and Tversky's compilation of articles in this book is an outstanding exposition of recent advances in cognitive psychology, especially advances associated with prospect theory. The work presented in this volume is largely responsible for the authors being awarded the Nobel Prize (Tversky died before receiving it).
The text is somewhat dense at parts, being aimed at economists and psychologists with some mathematical familiarity. However, the portions of the book that require much mathematics can safely be bypassed without losing much of the substance of the text. This text is the most credible presentation of an alternative theory to the rational actor theory usually assumed in economics. For example, some of the articles help explain the magnitude of the equity return premium, or help show how people make choices differently in similar situations based simply on the way the situation is presented.
I would highly recommend this book to anyone interested in decision making theory, especially as it relates to consumer behavior. It is a brilliant volume that includes the most important articles by the leading mind in the field.
61 of 65 people found the following review helpful
The Cutting Edge of Behavioral Decision Theory
24 Aug 2001
Format:Paperback|Amazon Verified Purchase
Daniel Kahneman and Amos Tversky have spent their whole lives developing an alternative to the "rational actor" model of human decision-making, the standard of traditional economic theory and the decision sciences. Their ideas were received rather well from the start, but in recent years, their alternative, which we can fairly call "behavioral economics" has virtually displaced traditional decision theory as an active research area.
People often think of the Kahneman-Tversky behaviorists as "bomb-throwers" in the sense that they appear to love to destroy traditional concepts of rationality rather that put constructive models in their place. This collection, which consists of 42 very high quality essays by the leading lights of the field, shows clearly that this is not the case. Prospect theory, loss aversion, framing effets, status quo effect, and the like are carefully modeled in this book. I came away quite impressed.
It is a shame that Amos Tversky never lived to see the light of day of this fine volume. It is certainly a vigorous vindication of his lifetime research agenda.
40 of 45 people found the following review helpful
Choices, Values and Frames
2 Dec 2001
Format:Paperback
A definitive text. Choices, Values and Frames is no casual read but is a first class exposition of the basics in this area of cognitive psychology. I read it from the perspective of a healthcare practitioner trying to understand more about why 'risk' judgements seem so variable and subjective. The insights gained from Choices, Values and Frames have already modified my behaviour.
The only weakness of the text is that it assumes that the reader has reasonable literacy in manipulating abstract mathematical concepts. More exposition would have been appreciated here. However, even if one does not understand the more 'mathematical' sections the book as a whole is still an engaging exposition of how humans process decisions under risk and uncertainty.
A 'must read' for anybody seriously interested in, but unfamiliar with, this area of cognitive psychology
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