This book presents a selection of the research that grew from the editors’ early collaboration
on “Prospect Theory,” the landmark article that offered the first compelling alternative to the
standard “rational agent” model of choice under risk. In the spirit of the highly influential
volume Judgment Under Uncertainty, first published in 1982, this book collects numerous
theoretical and empirical articles that have become classics, important extensions, and
applications that range from principles of legal compensation to the behavior of New York
cab drivers on busy days. Several surveys prepared especially for this volume illustrate the
scope and vigor of the behavioral study of choice.
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Daniel
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