\pɹˈɒspɛkt θˈi͡əɹi], \pɹˈɒspɛkt θˈiəɹi], \p_ɹ_ˈɒ_s_p_ɛ_k_t θ_ˈiə_ɹ_i]\
Definitions of PROSPECT THEORY
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Developed in 1979 by Amos Tversky and Daniel Kahneman. Most individuals will make a decision that will lead to a gain rather than a loss. Risks are put into 2 categories depending whether the outcome is a loss or a gain. These 2 categories of risk are treated in different ways to get the required outcome.
By Henry Campbell Black
Word of the day
- A relatively rare smooth muscle tumor found most frequently in the wall gastrointestinal tract, especially stomach. It similar to other tumors but may become very large and hemorrhage exhibit small cystic areas. Simple excision is almost always curative. (From Dorland, 27th ed; DeVita Jr et al., Cancer: Principles & Practice of Oncology, 3d ed, p1354)