Name: Choices, values, and frames
ISBN: 9780521621724

Choices, values, and frames

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.

What Hacker News says

mixuNov 2011

How about some books that aren't pop-sci / business books? I am kind of biased, since I love this area of psychology.

- The Sciences of the Artificial by Simon

- The Psychology of Problem Solving by Davidson & Sternberg

- The Cambridge Handbook of Expertise and Expert Performance (Cambridge Handbooks in Psychology) by Ericsson, Charness, Feltovich & Hoffman

- Minds, Brains and Computers - The Foundations of Cognitive Science: An Anthology (Blackwell Philosophy Anthologies)

- Choices, Values, and Frames by Kahneman & Tversky

The Sciences of the Artificial is a small but deep book by Herbert Simon, who is considered a key figure in founding the study of these areas (http://en.wikipedia.org/wiki/Herbert_Simon ).

Davidson & Sternberg focuses on problem solving (http://en.wikipedia.org/wiki/Robert_Sternberg ).

The Cambridge Handbooks (there are many others) in particular are excellent as they contain classic articles in Cognitive Science and Psychology, with introductions and overviews by people who actually research this area. The one on Expertise and Expert performance is edited by K. A. Ericsson (http://en.wikipedia.org/wiki/K._Anders_Ericsson )

Minds, Brains and Computers is another collection of classics, from a more model-based perspective.

Finally, Kahneman and Tversky offer a more economics-centric viewpoint. (http://en.wikipedia.org/wiki/Daniel_Kahneman & http://en.wikipedia.org/wiki/Amos_Tversky )

If you read scientific articles in this area, you'll notice that many of these author's names will keep popping up...

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goodsideFeb 2010

Those interested in the (extensive) science of framing biases in human reasoning will want to consult Kahneman and Tversky's classic "Choices, Values, and Frames": http://amzn.com/0521627494

Yes, it's dry and scholarly and will require that you relearn basic statistics. You want to read it anyway.

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howbo_bbyOct 2016

Let me start by saying from where did the idea of this project, because I find it is one of the most interesting things about a project. The idea comes reading "Thinking, Fast and Slow".

I created a simple game to give a simple demonstration of how we are often biased in making choices.

If you are interested you can go into that reading this paper Choices, Values, and Frames: http://web.missouri.edu/~segerti/capstone/choicesvalues.pdf and this article: https://en.wikipedia.org/wiki/Loss_aversion

The game consists of choosing between two different bets.

If you want to see here is the link:

https://thundershotgames.github.io/CYBTM/

Let me know what you think, thank you !

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