IN CONTEXT
Prospect theory
1738 The Dutch-Swiss mathematician Daniel Bernoulli proposes the expected utility hypothesis to explain decision-making preferences in situations involving risk.
1917 Wolfgang Köhler publishes The Mentality of Apes—his study of problem-solving in chimpanzees.
1940s Edward Tolman’s studies on animal behavior open up a new area of research into motivation and decision-making.
1980 US economist Richard Thaler publishes the first paper on the subject of behavioral economics: Toward a Positive Theory of Consumer Choice.
Until very recently, our perception of risk and the way that we make our decisions was considered ...
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