4  Kahneman and Tversky (1979)

Discussion paper: Kahneman and Tversky (1979) “Prospect theory: An analysis of decision under risk”, Econometrica

Supplementary papers:

• Tversky and Kahneman (1992) “Advances in prospect theory: Cumulative representation of uncertainty”, Journal of Risk and Uncertainty
• Ruggeri and Others (2020) “Replicating patterns of prospect theory for decision under risk”, Nature Human Behaviour

Kahneman and Tversky’s 1979 article in Econometrica was the first comprehensive behavioural economics model presented as an alternative to expected utility theory.

Kahneman, D., and Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185

Ruggeri, K., and Others. (2020). Replicating patterns of prospect theory for decision under risk. Nature Human Behaviour, 4(6), 622–633. https://doi.org/10.1038/s41562-020-0886-x

Tversky, A., and Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5, 297–323. https://doi.org/10.1007/BF00122574