theory

Utility - Wikipedia, the free encyclopedia

utility is a measure of the relative satisfaction from, or desirability of, consumption of various goods and services.

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EconPort - Handbook - Decision-Making Under Uncertainty - Prospect Theory

numerous alternative theories have been developed to overcome the limitations of expected utility

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Prospect theory - Wikipedia, the free encyclopedia

Prospect theory is a theory that describes decisions between alternatives that involve risk, i.e. alternatives with uncertain outcomes, where the probabilities are known. The model is descriptive: it tries to model real-life choices, rather than optimal decisions. // A revised version, called cumulative prospect theory overcame this problem by using a probability weighting function derived from Rank-dependent expected utility theory.

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Behavioral economics - Wikipedia, the free encyclopedia

Behavioral economics and behavioral finance are closely related fields making up a separate branches of economic and financial analysis using social, cognitive and emotional factors in understanding the economic decisions of consumers, borrowers and investors, and their effects on market prices, returns and the allocation of resources.

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Tools for Conviviality- Ivan Illich

"convivial" as a technical term to designate a modern society of responsibly limited tools. // Present institutional purposes, which hallow industrial productivity at the expense of convivial effectiveness, are a major factor in the amorphousness and meaninglessness that plague contemporary society. The increasing demand for products has come to define society's process. I will suggest how this present trend can be reversed and how modern science and technology can be used to endow human activity with unprecedented effectiveness. This reversal would permit the evolution of a life style and of a political system which give priority to the protection, the maximum use, and the enjoyment of the one resource that is almost equally distributed among all people: personal energy under personal control.

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Change blindness - Wikipedia, the free encyclopedia

In visual perception, change blindness is the phenomenon that occurs when a person viewing a visual scene apparently fails to detect large changes in the scene. For change blindness to occur, the change in the scene typically has to coincide with some visual disruption such as a saccade (eye movement) or a brief obscuration of the observed scene or image.

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'Pataphysics - Wikipedia, the free encyclopedia

is a pseudophilosophy dedicated to studying what lies beyond the realm of metaphysics. It is a parody of the theory and methods of modern science and is often expressed in nonsensical language.

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