According to ________, utility is defined in terms of gains and losses.
A) prospect theory
B) heuristics
C) hyperopia
D) Zipf's law

Name: According to ________, utility is defined in terms of gains and losses. A) prospect theory B) heuristics C) hyperopia D) Zipf's law
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Question

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Prospect theory, developed by Daniel Kahneman and Amos Tversky, defines utility in terms of perceived gains and losses rather than final outcomes, contrasting with traditional utility theory which assumes rational decision-making.

According to ________, Utility Is Defined in Terms of Gains