Bosch-Domènech, Antoni; Silvestre, Joaquim - Department of Economics and Business, Universitat … - 2005
Kahneman and Tversky asserted a fundamental asymmetry between gains and losses, namely a “reflection effect” which occurs when an individual prefers a sure gain of $ pz to an uncertain gain of $ z with probability p, while preferring an uncertain loss of $z with probability p to a certain...