Psychology Prospect Theory

PSY 302 Prospect scheme Review This paper is written in order to comp be and contrast both articles that were chosen from the genial psychology field. I chose my topic as Prospect Theory. It is ace of the theories related to decision making process. This system non only supported in social psychology but in addition supported fields of economic, consumer choice, political experience and marketing. Prospect possibleness explains that people are press release averse that agency they fight losings heavily than gains.In other words, looses predominates bigger than gains. To illustrate the person who found $ snow on street would be less(prenominal) happy than the person who lost $100. The i of reason could be looses are much painful than gains are pleasant. Thus, humans cannot easily get rid of the effect of expectant outcomes. I learned firstly this surmise from one of my marketing courses and I rattling interested in that system because it is implications in all probability to occur in our lives but I have never thought of it.That is wherefore I choose two of my articles from that conjecture and I wanted to learn what contrastive perspectives to that theory are. Those chosen articles are When lower-ranking tone endinges do not loom large than footling gains make of contextual shore leave support and endeavor table of contents on behavioral responses to little losses and miniscule gains and When gains loom big than losses change loss abuse for small amounts of money. However those two article seek to explain the time when looses do not loom large than gains.That means in spite of appearance a specific situations prognosis theory would be reversed. The rest of the paper give be devoted to comparison of their methodology, look question and prophesyions. Finally I allow explain my opinion and suggestions to improve that research. graduation of all there will be an explanation of their research questions. When gains l oom large than losses reversed loss offense for small amounts of money tried to predict that when there is small loss, gains loom larger than losses. Thus, it says that mind-set theory would be reversed for small things.However the article called When small losses do not loom larger than small gains Effects of contextual autonomy support and goal contents on behavioral responses to small losses and small gains tried to predict that in the conditions of mental needs whitethorn increase behavioral responses to gains more than behavioral responses to losses. To sum up, their theory same as When gains loom larger than losses reversed loss hatred for small amounts of money because both of them predicted that loses may not loom larger than gains.However there are differences in terms of conducting those predictions. The important difference among those two articles is that When gains loom larger than losses reversed loss aversion for small amounts of money put their hypothesis in terms of pecuniary set whereas other article tried to examine behavioral and affective responses to gains because writers think that loss aversion hypothesis gives importance to monetary phenomena not behavioral responses. Thus, they tried to agnize the effect of goal fulfilling on prospect theory.Goals are related to this issue because in article they pointed out that, goals are seen as reference point points. Humans evaluate their succeeder or unsuccessfulness of outcomes comparing themselves to reference point, they determined. Thus, reference outcomes determine whether they faced a loss or they face a gain. That means in terms of behavioral responses of prospect theory, reference points are important. REFERENCES Harinek, F. , Dijk, E. V. , Beest, I. V. , & Mersmann, P. (2007). When gains loom larger than lossesreversed loss aversion for small amounts of money.Psychological science, 18(12), 1099-1105. (Harinek, Dijk, Beest & Mersmann, 2007) Chatzisarantis, N. L. D. , Kee, Y . H. , Thaung, H. K. , & Hagger, M. S. (2011). British journal of social psychology. When small losses do not loom larger than small gains Effects of contextual autonomy support and goal contents on behavioral responses to small losses and small gains, Retrieved from http//onlinelibrary. wiley. com/doi/10. 1111/j. 2044-8309. 2011. 02033. x/abstract (Chatzisarantis, Kee, Thaung & Hagger, 2011)