Prospect theory has emerged as a pivotal framework in understanding travel choice behaviour under uncertainty, offering a nuanced perspective that diverges from traditional expected utility theory.

Prospect theory [1, 2, 3] has perhaps been one of the most influential theories within psychology and behavioral economics. Daniel Kahneman won the Nobel prize for this work. Prospect theory and ...

Kahneman’s and Tversky’s landmark study, “Prospect Theory: An Analysis of Decision Under Risk,” employed a series of wagers to analyze human behaviour. i In one, they asked Israeli participants to ...

“PROSPECT theory” is an important contribution to the study of economics. It challenges some of the fundamental assumptions that economists have made concerning human behaviour. Daniel Kahneman, one ...

Why do we have cluttered closets, kitchen drawers, or stacks of untouched supplies in our office? It is easy to accumulate things, but so hard to then get rid of them. One explanation is that we feel ...