Prospect Theory in Economics

Prospect Theory in Economics

Introduction

This paper intends to provide a summary of the article named “Thirty Years of Prospect Theory in Economics: A Review and Assessment.” The article is written by Barberis, Nicholas in 2013. The article talks about the intensity of prospect theory in economics and tend to provide a review and assessment over the model of prospect theory.

Summary

The article written by Barberis Nicholas basically reviews and assesses the prospect theory presented by Daniel Kahneman and Amos Tversky. Both Daniel Kahneman and Amos Tversky worked hard to present a model of risk attitudes named as prospect theory ...