Nobel Prize winning professor of psychology Daniel Kahneman talks about one of his market experiments, which he explains comes from prospect theory. As an example, Dr. Kahneman describes an experiment in which participants can choose between getting and keeping a mug or giving it up and getting the cash equivalent. "You don't think of having the mug," Dr. Kahneman explains. "You think of giving it up or getting it. And if people sort of hate giving things up more than they enjoy getting the-- we call that loss illusion--then you can predict exactly that effect."

Psychology Collection

psychology, market experiments, prospect theory, loss illusion, Psychology

Introduction to Psychology, Cognitive Psychology, Research Methods and Design in Psychology, Inside Out

Kahneman, Ph.D., Daniel (Performer), INTELECOM Intelligent Telecommunications (Firm)

00:02:11 (HH:MM:SS)

English

Name	INTELECOM Intelligent Telecommunications
Role	Distributor
Telephone	800-576-2988 x122
Address	150 E. Colorado Blvd. Ste. 300, Pasadena, CA 91105
Email	[email protected]

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