The scaling of my x axis is a bit weird, but hope you guys still understood it!

@pescadorbrent

5 ай бұрын

yeah, the scale of the graph was off. in general, that first difference between the +1 or -1 should have 4X 'sucky' than awesome. But, I really liked your 5 levels of explanation, especially the new information on how we get better at being rational when we make the decision multiple times, i.e. the curves become more similar after we've made the same investment or gambling decision several times and we've experienced the loss several times. Thanks for pointing that out!

How do your videos not get more views?!?!? They're so well produced and informative.

@PeteJudo1

2 жыл бұрын

Thanks dude!

I like the idea of explaining something at different levels! Even though it is the same underlying concept, there is an 'aha!' moment with each new level. Well done!

@PeteJudo1

2 жыл бұрын

Cheers Mark! Got the idea from another channel called wired, it’s a great format!

your videos are really helping me in a school project about behavioural econ ! thanks a lot !

Thanks Pete, this helped me a lot understanding the Prospect theory! Great Video!

very well explained!

Very well explained.

On top of the informative content, the video also made me laugh!! Loved it, keep it up!

@PeteJudo1

2 жыл бұрын

Thanks Piotr!

Sir you explained really well......lots of respect and love from Pakistan 😇

did you not mention the value function at all? I wonder if you can use the value function and loss aversion to explain insurances and lotteries.

So what kind of models can we use for a more repeated choice? Can we use the same model but change some parameters or something? Or can we get some data of a certain group for a certain behavior and use these data to get their specific parameters?

Very good video to introduce the high level idea of prospect theory. Just wandering if you can provide some papers related to the last part, saying people would be shifted from prospect theory framework to a rational model after the learning process? Thank you

@PeteJudo1

Жыл бұрын

In description!

I like your video, however at the graduate level you should have actually shown the assumptions behind Von Neumann Morgenstern expected utility and how prospect theory generalized it with a reference point to a status quo and weighting function for the probabilities.

Absolutely was not a different explanation for different levels!!

Fantastic explanation, loved it!!!!

@PeteJudo1

2 жыл бұрын

Thanks Peter!

but wouldnt 1000000 hurt way more than 100000?

@PeteJudo1

2 жыл бұрын

It would depend on who you are, and how much money you have. For a poor person, they may be almost equally devastating because the chance of recovering it is nought either way. Similarly for a very rich person, say Jeff Bezos. Losing 100 thousand and losing 1 million might feel equally insignificant.

"the were obviously, the original labels used for Nobel prize winning paper" 😂 Also whats your twitter handle