Psychology Prospect Theory

PSY 302 Prospect opening Review This paper is written in order to compare and demarcation line 2 binds that were elect from the social psychology field. I chose my topic as Prospect Theory. It is mavin of the theories related to decision making process. This possibility non only animationed in social psychology but as well as supported fields of economic, consumer choice, political science and marketing. Prospect theory explains that flock are loss averse that means they weigh losings to a great extent than gains.In other words, looses dominates bigger than gains. To illustrate the person who found $100 on street would be less happy than the person who lost $100. The one of reason could be looses are more painful than gains are pleasant. Thus, domain cannot easily get rid of the effect of bad outcomes. I acquire firstly this theory from one of my marketing courses and I really fire in that theory because it is implications likely to occur in our lives but I have never thought of it.That is why I choose ii of my legal injury from that theory and I wanted to learn what different perspectives to that theory are. Those chosen articles are When piddling losses do not loom large than nice gains Effects of contextual autonomy support and aspiration content on behavioural responses to small losses and small gains and When gains loom larger than losses change loss crime for small amounts of money. However those two article tried to explain the time when looses do not loom larger than gains.That means within a specific situations prospect theory would be reversed. The rest of the paper will be devoted to proportion of their methodology, research question and predictions. Finally I will explain my look and suggestions to improve that research. First of all there will be an chronicle of their research questions. When gains loom larger than losses reversed loss aversion for small amounts of money tried to predict that when there is small loss, gains loom larger than losses. Thus, it says that prospect theory would be reversed for small things.However the article called When small losses do not loom larger than small gains Effects of contextual autonomy support and goal contents on behavioral responses to small losses and small gains tried to predict that in the conditions of psychological needs may increase behavioral responses to gains more than behavioral responses to losses. To sum up, their theory same as When gains loom larger than losses reversed loss aversion for small amounts of money because both of them predicted that loses may not loom larger than gains.However there are differences in name of conducting those predictions. The main difference among those two articles is that When gains loom larger than losses reversed loss aversion for small amounts of money put their hypothesis in terms of monetary values whereas other article tried to construe behavioral and affective responses to gains because writers thi nk that loss aversion hypothesis gives grandeur to monetary phenomena not behavioral responses. Thus, they tried to understand the effect of goal fulfilling on prospect theory.Goals are related to this issue because in article they pointed out that, goals are seen as reference points. Humans evaluate their success or unsuccessfulness of outcomes comparing themselves to reference point, they determined. Thus, reference outcomes determine whether they faced a loss or they face a gain. That means in terms of behavioral responses of prospect theory, reference points are important. REFERENCES Harinek, F. , Dijk, E. V. , Beest, I. V. , & axerophthol Mersmann, P. (2007). When gains loom larger than lossesreversed loss aversion for small amounts of money.Psychological science, 18(12), 1099-1105. (Harinek, Dijk, Beest & Mersmann, 2007) Chatzisarantis, N. L. D. , Kee, Y. H. , Thaung, H. K. , & Hagger, M. S. (2011). British journal of social psychology. When small losses do not loom la rger than small gains Effects of contextual autonomy support and goal contents on behavioral responses to small losses and small gains, Retrieved from http//onlinelibrary. wiley. com/doi/10. 1111/j. 2044-8309. 2011. 02033. x/abstract (Chatzisarantis, Kee, Thaung & Hagger, 2011)