Ph3IPSubfields_of_psychology - Phase 3 Individual Project 1...

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Phase 3 Individual Project 1 Running Head: PHASE 3 INDIVIDUAL PROJECT: SUBFIELDS OF PSYCHOLOGY Phase 3 Individual Project: Subfields of Psychology Chris Normand Colorado Technical University Psychology 105-06 Prof. Tracy Barrand April 30, 2010
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Phase 3 Individual Project 2 Abstract This paper discusses the Nobel Prize-Winning research of Daniel Kahneman and Amos Tversky. Kahneman and Tversky were studying the way people make risky decisions in different situations. The classic example is of a person given the chance to bet $10 on the toss of a coin where you stand to win $20, or lose $10. With the 1 in 2 chance of either winning $20 or losing $10, most people choose not to take the gamble. This paper discusses the question “Why?”
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Phase 3 Individual Project 3 Phase 3 Individual Project: Subfields of Psychology The Nobel Prize- Winning team of Kahneman and Tversky won the prize by studying why people make the decisions they do in risky situations. The example of the coin toss where a person is just as likely to win $20 as lose $10 intrigued them. It was found that most people would not take such a bet. Kahneman and Tversky wanted to know why. It was discovered that people, in general, think about such gambles as losses, gains and neutral results. It was the fact that most people base their decisions on the changes of wealth. But there was still something missing. By upping the ante to $30, it was shown that more people were willing to risk their $10. You might say, “Well, of course,” however, this shows that people have an aversion to risk given some circumstances and risk seeking behavior in others. You must remember, you still have the same 50% chance to lose your $10. Only, now, the
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Ph3IPSubfields_of_psychology - Phase 3 Individual Project 1...

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