Minggu, 25 Juli 2010

[X879.Ebook] PDF Download Choices, Values, and FramesFrom Brand: Cambridge University Press

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Choices, Values, and FramesFrom Brand: Cambridge University Press

Choices, Values, and FramesFrom Brand: Cambridge University Press



Choices, Values, and FramesFrom Brand: Cambridge University Press

PDF Download Choices, Values, and FramesFrom Brand: Cambridge University Press

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Choices, Values, and FramesFrom Brand: Cambridge University Press

Choices, Values, and Frames presents an empirical and theoretical challenge to classical utility theory, offering prospect theory as an alternative framework. Extensions and applications to diverse economic phenomena and to studies of consumer behavior are discussed. The book also elaborates on framing effects and other demonstrations that preferences are constructed in context, and it develops new approaches to the standard view of choice-based utility. As with the classic 1982 volume, Judgment Under Uncertainty, this volume is comprised of papers published in diverse academic journals. The editors have written several new chapters and a preface to provide a context for the work.

  • Sales Rank: #94863 in Books
  • Brand: Brand: Cambridge University Press
  • Published on: 2000-09-25
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.21" h x 1.34" w x 6.14" l, 2.35 pounds
  • Binding: Paperback
  • 860 pages
Features
  • Used Book in Good Condition

Review
"Daniel Kahneman and the late Amos Tversky have started a new perspective on the traditional economic categories of choice, decision, and value. A series of experimental and empirical studies by them and others have rejected traditional economic assumptions of rationality. Even more importantly, these scholars have developed alternative generalizations with significant predictive power and have found empirical verification for them. This outstanding collection of studies will make these new results widely accessible." Kenneth J. Arrow, Joan Kenney Professor of Economics, Emeritus and Professor of Operations Research, Emeritus, Stanford University

From the Publisher
Daniel Kahneman is co-winner of the 2002 Nobel Memorial Prize in Economic Sciences. The award was bestowed in recognition of the influential research conducted by Kahneman and his long-time collaborator, the late Amos Tversky, on the psychology of human judgment and decision-making. According to a recent article published in the journal Psychological Science, the research program initiated by Kahneman and Tversky is considered psychology’s "leading intellectual export to the wider academic world." Current scholarship and research in medicine, law, public policy, international relations, and economics has been profoundly shaped by their insights into human rationality.

About the Author
Daniel Kahneman is Eugene Higgins Professor of Psychology Emeritus at Princeton University and a professor of public affairs at the Woodrow Wilson School of Public and International Affairs. He received the 2002 Nobel Prize in Economic Sciences for his pioneering work with Amos Tversky on decision-making.

fm.author_biographical_note3

Most helpful customer reviews

73 of 73 people found the following review helpful.
SIGNIFICANT ADVANCES IN ECONOMICS THAT LED TO NOBEL PRIZE
By Denis Benchimol Minev
Kahneman and Tversky's compilation of articles in this book is an outstanding exposition of recent advances in cognitive psychology, especially advances associated with prospect theory. The work presented in this volume is largely responsible for the authors being awarded the Nobel Prize (Tversky died before receiving it).
The text is somewhat dense at parts, being aimed at economists and psychologists with some mathematical familiarity. However, the portions of the book that require much mathematics can safely be bypassed without losing much of the substance of the text. This text is the most credible presentation of an alternative theory to the rational actor theory usually assumed in economics. For example, some of the articles help explain the magnitude of the equity return premium, or help show how people make choices differently in similar situations based simply on the way the situation is presented.
I would highly recommend this book to anyone interested in decision making theory, especially as it relates to consumer behavior. It is a brilliant volume that includes the most important articles by the leading mind in the field.

65 of 70 people found the following review helpful.
The Cutting Edge of Behavioral Decision Theory
By Herbert Gintis
Daniel Kahneman and Amos Tversky have spent their whole lives developing an alternative to the "rational actor" model of human decision-making, the standard of traditional economic theory and the decision sciences. Their ideas were received rather well from the start, but in recent years, their alternative, which we can fairly call "behavioral economics" has virtually displaced traditional decision theory as an active research area.
People often think of the Kahneman-Tversky behaviorists as "bomb-throwers" in the sense that they appear to love to destroy traditional concepts of rationality rather that put constructive models in their place. This collection, which consists of 42 very high quality essays by the leading lights of the field, shows clearly that this is not the case. Prospect theory, loss aversion, framing effets, status quo effect, and the like are carefully modeled in this book. I came away quite impressed.
It is a shame that Amos Tversky never lived to see the light of day of this fine volume. It is certainly a vigorous vindication of his lifetime research agenda.

5 of 5 people found the following review helpful.
Risk decisions finally explained
By Beaumont Vance
I wonder, what can one say abot work that has already won the Nobel Prize that can possibly add to the estimation of a work? Being far too insignificant to lend any great weight to the already abundant praise for this work, I can only perhaps illuminate an application of the material that seems to have been overlooked.

Regarding the field of risk management (not the wll street kind, but just regular risk decision making in business) this book is of inestimable value. I have often notices certain biases towards risk aversion or risk taking when business decisions are beign made. Much seemed to be due to the context. This work shows exactly why and how decision bias arises. This is the foundation for the creation of a useful risk decision analytical framework.

The paper of interest to me relate to why people will choose to take or avoid risks that, according to utility theory, are the wrong decisions. For example, why pepole buy insurance even when it is a better financial choice to be uninsured. These works explain why and under what circumstances one's biases override logic. Why this is not a common text on the desk of every risk manager, I will never know.

In this one volume, there is enough information to design an utterly new field of risk management and to solve most every problem one can face. This has become the one reference material that I considre indespensible. throw out the CPCU and ARM texts that you never use and can't bear to read ever again. Chuck them and place this volume in their place and you will be far, far better off.

See all 18 customer reviews...

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