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Theoretical and Applied Economics
No. 7 / 2006 (502)

A Mental Value Perspective in Risk Decision Theory

Roxana Davidescu
Alexandru Trifu
Universitatea „Petre Andrei” Iasi

Abstract. This work is based on Prospect theory, which was developed by D. Kahneman and A. Tversky in 1979. This is one the most quoted and best-documented point of view in economic psychology. First of all, it replaces, once again, the notion of utility with value. But value is defined in terms of gains and losses and this, according with an irrational human tendency to be less willing to gamble with profits than with losses. So, we discover the great importance of these assumptions in the field of risk decision-making, especially for firms’ activity in the marketplace.

Keywords: risk; prospect theory; decision theory; uncertainty; risk decision-making.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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