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Concept of framing and prospect theory value function

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Use the concept of framing and the prospect theory value function to explain each of the following phenomena:

(a) Gamblers at casino resorts sometimes spend their winnings on lavish luxuries without much concern, considering their winnings to be "free money."

(b) A popular brand of multiple vitamins finds it advantageous to cancel plans for a slight price decrease and instead wrap the regular vitamin bottle with a small bottle labeled "25 extra vitamins free!"

(c) A computer magazine finds it profitable to give free one-year subscriptions to young professionals interested in information technology.

Reference no: EM133045884

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