Year: 2000
Type: preprint
Abstract: People are sometimes risk-averse in gains but risk-loving in losses. Such be-havior and other anomalies underlying prospect theory arise from a model of local status maximization in which consumers compare their wealth with other consumers of similar wealth. This social explanation shares key features with the psychological explanation offered by Kahneman and Tversky.
Authors: Rick Harbaugh, Tatiana Kornienko
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1582304668