Choices, Values, and Frames

Review
"Daniel Kahneman and the late Amos Tversky have started a new perspective on the traditional economic categories of choice, decision, and value. A series of experimental and empirical studies by them and others have rejected traditional economic assumptions of rationality. Even more importantly, these scholars have developed alternative generalizations with significant predictive power and have found empirical verification for them. This outstanding collection of studies will make these new results widely accessible." Kenneth J. Arrow, Joan Kenney Professor of Economics, Emeritus and Professor of Operations Research, Emeritus, Stanford University


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.


From the Publisher
Daniel Kahneman is co-winner of the 2002 Nobel Memorial Prize in Economic Sciences. The award was bestowed in recognition of the influential research conducted by Kahneman and his long-time collaborator, the late Amos Tversky, on the psychology of human judgment and decision-making. According to a recent article published in the journal Psychological Science, the research program initiated by Kahneman and Tversky is considered psychology’s "leading intellectual export to the wider academic world." Current scholarship and research in medicine, law, public policy, international relations, and economics has been profoundly shaped by their insights into human rationality.


About the Author
Kahneman is the Eugene Higgins Professor of Psychology and Professor of Public Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University. He has been a faculty member at Hebrew University, Israel, the University of British Columbia, Canada, and the University of California, Berkeley.


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Contributors:
Daniel Kahneman, Amos Tversky, Drazen Prelec, Craig R.Fox, Jack L. Knetsch, Richard H. Thaler, Ian Bateman, Alistair Munro, Bruce Rhodes, Chris Starmer, Robert Sugden, Eric J. Johnson, John Hershey, Jacqueline Meszaros, Howard Kunreuther, Colin Camerer, Shlomo Benzarti, Eldar Shafir, Peter Diamond, Linda Babcock, George Lowenstein, Terrance Odean, Dan Lovallo, David Cohen, George A. Quattrone, Paul Slovic, Shmuel Sattath, Itamar Simonson, Craig R. Fox, Christopher K. Hsee, Itamar Simonson, Baruch Fischoff, Ilana Ritov, David Schkade, Dale Griffin, Daniel Adler, Peter P Wakker, Rakesh Sarin


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