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Tag: Utility

TED-Ed: The paradox of value – Akshita Agarwal

Imagine you’re on a game show and you can choose between two prizes: a diamond … or a bottle of water. It’s an easy choice – the diamonds are more valuable. But if given the same choice when you were dehydrated in the desert, after wandering for days, would you choose differently? Why? Aren’t diamonds …

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Conversations with History: Daniel Kahneman

Conversations host Harry Kreisler welcomes Princeton Psychology Professor Daniel Kahneman for a discussion of his Nobel prize winning research on intuition and decision making (prospect theory) People behave as if they would compute a value (utility), based on the potential outcomes and their respective probabilities, and then choose the alternative having a higher utility. A …

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