The editing phase refers to how people involved in decision-making characterize the options for choice or the framing effects. The theory describes the decision-making process in two phases, which include: 1. It is used to evaluate various aspects of political decision-making in international relations. Since it was developed, the prospect theory’s been used in various disciplines. The theory was contained in the paper “ Prospect Theory: An Analysis of Decision under Risk” that was published in the “Econometrica” journal in 1979. The theory was introduced by two psychologists, Daniel Kahneman, and Amos Tversky, to describe how humans make decisions when presented with several choices. The prospect theory is sometimes referred to as the loss-aversion theory. 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. 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. It holds that people make decisions based on perceived losses or gains. Send us feedback.Prospect theory is a psychology theory that describes how people make decisions when presented with alternatives that involve risk, probability, and uncertainty. These example sentences are selected automatically from various online news sources to reflect current usage of the word 'risk.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. 2022 With a bare Senate majority, Democrats didn’t want to risk waiting until the summer for confirmation hearings and a vote. Mike Digiovannastaff Writer, Los Angeles Times, 11 Apr. 2022 But Trout suffered a season-ending right-calf injury last May 17, and with flu symptoms possibly leaving him susceptible to dehydration, the Angels didn’t want to risk another muscle strain or pull. 2022 The Reds had a week to place O’Brien on waivers or trade him, and the Mariners didn’t want to risk another team claiming him before their spot in the waivers order.īobby Nightengale, The Enquirer, 18 Apr. Andelman, CNN, Man, Milwaukee really didn’t want to risk facing the Nets in the first round. Hannah Phillips, USA TODAY, 15 June 2022 However, if this is more than any of you want to risk, see this sibling separately one-on-one.Ībigail Van Buren, oregonlive, 2 June 2022 The region’s smaller businesses certainly do not want to risk missing out.ĭavid Prosser, Forbes, And few want to risk losing the largest standing army within NATO after the US, especially one that also commands the strategic Bosporus and access to the Black Sea.ĭavid A. Mary Kekatos, ABC News, 9 June 2022 Recent Examples on the Web: Verb Many were tourists, some with medical issues, who didn't want to risk waiting for the Montana National Guard, which has rescued at least 87 people, according to the Department of Defense. Food and Drug Administration that people who have been exposed to monkeypox can take to reduce their risk of infection. Julie Marks, SELF, 11 June 2022 Currently, there are two smallpox vaccines approved by the U.S.
RISK PROBABILITY LOSS WHO DEVELOPED HOW TO
Stacey Leasca, Travel + Leisure, 12 June 2022 How to prevent future attacks Experiencing an anaphylactic reaction increases your risk of having future attacks, which may be more severe than the initial episode, according to the Mayo Clinic. Lee, Forbes, 12 June 2022 The same goes for outdoor pests such as flies - sit outside at your own risk. Laura Johnston, cleveland, 13 June 2022 The good news is that there is a vaccine that can reduce your risk of getting any type of herpes zoster.īruce Y. Luke Money, Los Angeles Times, 14 June 2022 So that would minimize their risk of launching a new route. Jake Allen, The Indianapolis Star, 16 June 2022 The large profits that drugmakers notch from successful drugs are needed to reward shareholders for their investment risk and encourage future investment.Īllysia Finley, WSJ, 15 June 2022 For counties at the medium level, federal health authorities recommend residents consider masking based on their personal risk. Recent Examples on the Web: Noun The buddy system is especially beneficial for people with seizure disorders or other medical conditions that increase their risk of drowning.
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