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Choices, Values, and Frames
Books: Travel: Bangkok: Item 3
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Choices, Values, and Framesby Daniel Kahneman and Amos Tversky
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29 of 30 people found the following review helpful: SIGNIFICANT ADVANCES IN ECONOMICS THAT LED TO NOBEL PRIZE, July 15, 2003 Reviewer:Denis Benchimol Minev (Manaus, Amazonas, Brazil) - Kahneman and Tverskys 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.
Product Review
' full of great articles, including many of the most important ever written about decision research More than compensating for any shortcomings is a fascinating and moving introduction written by Kahneman about his collaboration with Tversky. This is inspiring stuff. Even if you already have most of the articles from the book in your file drawer, it is worth getting just for this introduction.' journal of Behavioural Decision Making
Book Description
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.
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