Compare and contrast prospect theory with expected utility theory. To what extent are the predictions of prospect theory consistent with evidence from the research literature?

Description

Compare and contrast prospect theory with expected utility theory. To what extent are the predictions of prospect theory consistent with evidence from the research literature?

extensive use of well labelled diagrams and their explanations

their limitations

and their impact in policy making

implement these as evidences to support amongst others ;

 

work should be done to an intermediate microeconomic standard.