Our second reading response assignment will be on a classic paper “Prospect theo

Our second reading response assignment will be on a classic paper “Prospect theory: an analysis of decision under risk (https://www.uzh.ch/cmsssl/suz/dam/jcr:00000000-64a0-5b1c-0000-00003b7ec704/10.05-kahneman-tversky-79.pdf)” by Daniel Kahneman and Amos Tversky. The authors were writing from the perspective of psychologists critiquing the canonical model of Expected Utility Theory. They report the results of hypothetical choice problems posed to real people to illuminate ways in which behavior appears to systematically contradict a strict interpretation of EUT. They propose a reformulation of EUT to incorporate what they see as the behavioral regularities they have found.
This is a pretty long and pretty dense paper, so as I mentioned in class please feel free to focus on parts that stood out to you—there’s no need to study every word of the paper in detail! Please write around 300-500 words to tell us what you took away from the reading. What stood out to you? What was interesting, confusing, or surprising? What connections came to your mind when reading? If you’d like some more concrete questions to help structure your answer:
1. Which of the choice experiments particularly stood out to you and why? Do you think the hypothetical questions posed tell us anything about how people might behave in important real-world scenarios?
2. What do you think might be the strengths and weaknesses of the Prospect Theory model that the authors propose as compared to Expected Utility Theory? How significant do the differences between the models seem?
3. Over the last 50 years, the field of behavioral economics has enriched our understanding of the intersection of economics and psychology. Based on either your knowledge of the field, the article, and/or your conjecture, what is your impression about what economists and psychologists can offer to each other? What do you think would be some interesting areas of overlap?

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more