Choices, Values and Frames

This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice.

Gemma Jones

Interdisciplinary cultural researcher and strategist specialising in semiotics and futures thinking

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J. Paul Neeley

J. Paul is a London based designer and researcher with expertise in Speculative Design, Service Design, Design Research, and Strategy.

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December 17, 2020

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.

https://www.amazon.co.uk/Choices-Values-Frames-Daniel-Kahneman/dp/0521627494/ref=as_li_ss_il?_encoding=UTF8&pd_rd_i=0521627494&pd_rd_r=a4049b95-789b-11e9-81e8-7bb07521e44e&pd_rd_w=phU5r&pd_rd_wg=JknRg&pf_rd_p=18edf98b-139a-41ee-bb40-d725dd59d1d3&pf_rd_r=E9BA5Z6HP1FQHDHEGVGJ&psc=1&refRID=E9BA5Z6HP1FQHDHEGVGJ&linkCode=li3&tag=neeleyworld01-21&linkId=f4e3db26ebfb7251cf47d7902c7e908d&language=en_GB

Further Reading
Visions from Latin America: Critically navigating uncertain futures (Part one)
Evening lecture/ 26 November 2020
December 8, 2020
Circa Lunar: A conversation with Ted Hunt and Gemma Jones
School of Critical Design Co-founder and cultural semiotician Gemma Jones sat down for a long-distance chat with Fellow Ted Hunt to talk about his latest project, Circa Lunar
December 17, 2020