Thinking, Problem-Solving, Judgments, and Decision-Making

AP Psychology· difficulty 4/5

Prospect theory (Kahneman & Tversky) shows that

A
$People weight rare events as if they never occur$
B
$People consistently maximize expected utility outcomes$
C
$People treat gains and losses as fully equivalent$
D
$People weigh losses more heavily than equivalent gains$
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Explanation

100 hurts about 2x as much as gaining

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