International Research journal of Management Science and Technology

  ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST

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BEHAVIOURAL DECISION THEORY: A THEORETICAL FOUNDATION

    1 Author(s):  DIVYA SETHI

Vol -  8, Issue- 3 ,         Page(s) : 91 - 95  (2017 ) DOI : https://doi.org/10.32804/IRJMST

Abstract

The paper discusses some seminal papers in the field of behavioural decision theory from some of the very eminent researchers.They have played a major role in shaping the concepts related to behavioural decision theory that we study today.The papers that I have discussed here include “Gambling With the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice” by Thaler and Johnson, “Judgment Under Uncertainty: Heuristics and Biases” by Tversky and Kahneman, “Prospect Theory: An Analysis of Decision Under Risk” by Kahneman and Tversky and “Advances in Prospect Theory: Cumulative Representation of Uncertainty” by Tversky and Kahneman. The papers discuss concepts such as effect of prior outcomes on risky choices, heuristics and biases and a detailed account of prospect theory, including the advances done in it.

  1. Tversky and Kahneman (1974), Judgment under Uncertainty: Heuristics and Biases. Science, New Series, Vol. 185, No. 4157, pp. 1124-1131. Kahneman and Tversky (1979), Prospect Theory: An Analysis of Decision under Risk.Econometrica, Vol. 47, No. 2, pp. 263-292.
  2. Tversky and Kahneman (1992), Advances in Prospect Theory: Cumulative Representation of Uncertainty.Journal of Risk and Uncertainty, Vol. 5, No. 4, pp. 297-323.
  3. Thaler and Johnson (1990), Gambling With the House Money and Trying to Break Even.Management Science, Vol. 36, No. 6, pp. 643-660.

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