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RG

IN CONTEXT

APPROACH

Prospect theory

BEFORE

1738 The Dutch-Swiss mathematician Daniel Bernoulli proposes the expected utility hypothesis to explain decision-making preferences in situations involving risk.

1917 Wolfgang Köhler publishes The Mentality of Apes—his study of problem-solving in chimpanzees.

1940s Edward Tolman’s studies on animal behavior open up a new area of research into motivation and decision-making.

AFTER

1980 US economist Richard Thaler publishes the first paper on the subject of behavioral economics: Toward a Positive Theory of Consumer Choice.

Until very recently, our perception of risk and the way that we make our decisions was considered ...

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