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The Prospect theory was introduced by two psychologists, Daniel Kahneman, and Amos Tversky. As per the theory, given the choice of equal probabilities, most people would choose to retain the wealth that they already have, rather than risk the chance to increase their current wealth. People are usually averse to the possibility of losing, such that they would rather avoid a loss rather than take a risk to make an equivalent gain. It is a psychology theory that describes how people make decisions when presented with alternatives that involve risk, probability, anduncertainty. It holds that people make decisions based on perceived losses or gains.
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The new Principal of the school is stern , yet he understands the needs of his subordinate...
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Humility
The Cabinet members and those invited to attend the special session were taken into confidence (A) about the threatening (B) document letter that t...
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BACKFIRE
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Quandary
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Take great pleasure.
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ESTIMATE
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SPORADIC
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He could rise to this stature because of his invincible courage.