Predictably Irrational: Implications of the Prospect Theory
People are strange. We all make decisions that are difficult to explain, sometimes even baffling. In particular, we make baffling decisions about how we spend. Why do we gamble, knowing that the casino is always in the green? Why do we hardly ever cancel subscriptions, even the ones we don’t use, and when we do, why does it feel like such a hassle? Surprisingly, there are certain answers to these questions. As you might infer, behavioural science holds those answers–and more particularly, the Prospect Theory does. ….[READ]
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