Question
Which of the following theory presents how people take
decision when presented with alternatives that involve risk, probability, and uncertainty?Solution
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, and uncertainty. It holds that people make decisions based on perceived losses or gains.
A treaty signed by which of the following two countries for transfer of each other’s sentenced prisoners has come into effect with the ratification o...
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ध्वनि प्रदूषण को मापने की इकाई है ?
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The perpetuity payment is the interest earned by the present value of the perpetuity in one interest period.
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