1) The value function is an essential element of Prospect Theory. Describe the key features of the value function, and show how it can predict and explain a variety of patterns in people's observed choices under conditions both of certainty and of risk. Be sure to support your discussion with examples and references to the literature

1) The value function is an essential element of Prospect Theory. Describe the key features of the value function, and show how it can predict and explain a variety of patterns in people's observed choices under conditions both of certainty and of risk. Be sure to support your discussion with examples and references to the literature

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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