Tag Archives | psychology

Prospect Theory

Prospect Theory is a behavioral economic theory that describes the way people chose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known. The theory states that people make decisions based on the potential value of losses and gains rather than the final outcome, and that people evaluate these losses and gains [...]

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Hierarchy of Needs

Maslow’s hierarchy of needs is a theory in psychology proposed by Abraham Maslow in his 1943 paper “A Theory of Human Motivation”. Maslow subsequently extended the idea to include his observations of humans’ innate curiosity. His theories parallel many other theories of human developmental psychology, some of which focus on describing the stages of growth [...]

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