Prospect Theory: An Overview
This video explains Prospect Theory, one of the foundational contributions of Behavioral Economics. I go over three important parts to Prospect Theory: (1) Loss aversion, (2) Reference point origin and (3) risk-seeking behavior in the negative realm / risk-averse behavior in the positive realm. 0:26 - Three Features 1:48 - Loss Aversion 5:57 - Reference point / Expectations 9:25 -
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