\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 programming language designed for use on specific class of computers a set of instructions coded so that the computer can use it directly without further translation Programmed language directly understood and executed by a machine, typically computer. Requires no conversion or translation. English-like languages, known also as high level are industry-renown: Basic, C, Java, the like. These coded programs, then converted into machine language, low an assembler, compiler, interpreter. It is different for each type of CPU, often having unique operation sets. in native binary comprised only two characters: 0 1. difficult to read, less likely humans.