Prospect theory - Wikipedia

CREATED: [2022-11-01 Tue 16:46]
ID: a8127647-0f89-448a-b8ed-4ee3b81a9550
ROAM_REFS: https://en.wikipedia.org/wiki/Prospect_theory
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MTIME: [2024-12-25 Wed 16:06]

Theory building on loss aversion, which tries to construct a rational-utils-to-human-motivs conversion. Assumes the existence of utils (VNM rationality is axiom in the norms). Attributes the deviation of motivs from utils to cognitive effects, which doesn't pay much rent. I want to look for resources which answer:

• are there more interesting hypotheses about loss aversion than "cognitive bias"? particularly hidden concerns?
  • capuchins display loss aversion with grapes. it's clearly a robust effect.
• what is the experimental design that lets us draw the graph? what other prerequisites do we need to establish before we can treat the graph as predictive, not merely descriptive?
  • do capuchins test positively for adherence to the prospect theory curve?

Critics from the field of psychology argued that even if Prospect Theory arose as a descriptive model, it offers no psychological explanations for the processes stated in it.[27]

no gears-level understanding