Prospect theory has emerged as a pivotal framework in understanding travel choice behaviour under uncertainty, offering a nuanced perspective that diverges from traditional expected utility theory.

Earlier this month, NPR’s Shankar Vedantam floated the idea that something called "prospect theory" could explain Russian President Vladimir Putin’s invasion of Crimea. A behavioral economic model ...

Prospect theory [1, 2, 3] has perhaps been one of the most influential theories within psychology and behavioral economics. Daniel Kahneman won the Nobel prize for this work. Prospect theory and ...

“PROSPECT theory” is an important contribution to the study of economics. It challenges some of the fundamental assumptions that economists have made concerning human behaviour. Daniel Kahneman, one ...

You've been hearing a bit about Daniel Kahneman, the psychologist and Nobel laureate, recently, thanks to the publication of his new book, "Thinking, Fast and Slow." This graphic illustrates how the ...