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Prospect Theory

If utility theory doesn’t work, then what does? One alternative is prospect theory, developed by the author. Kahneman’s prospect theory challenges utility theory by showing that when we make choices, we don’t always act in the most rational way. Imagine these two scenarios for example: In the first scenario, you’re given $1,000 and then must choose […]

Unwanted Feedback

The analysis of over 25,000 life stories of people who failed to achieve professional success shows that a lack of determination is the main reason for their failure. The analysis of the success stories of multimillionaires revealed, by contrast, that they all had two characteristics in common: they were used to making split-second decisions and, […]