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Quote by Rich Jolly

“Prospect theory could be valuable in situations of bargaining and negotiation. For example, when one party makes a concession, their utility impact is higher than the other party who had a gain. Prospect theory also supports the framing bias. Here, framing an outcome in terms of avoiding a loss is…” quote by Rich Jolly — Download Open image

““Prospect theory could be valuable in situations of bargaining and negotiation. For example, when one party makes a concession, their utility impact is higher than the other party who had a gain. Prospect theory also supports the framing bias. Here, framing an outcome in terms of avoiding a loss is more compelling than receiving a gain.””

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