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Analyze a personal decision that you recall making, or that you witnessed somebody else make, that can be better understood using prospect theory or mental accounting.
1. Why this behavior would seem surprising or irrational based on standard economic theory. Specifically, what would standard economic theory predict instead?
2. How is prospect theory consistent with the behavior? Which component(s) of prospect theory are necessary to understand your example behavior: probability weighting, loss aversion, reference dependence, diminishing sensitivity, or narrow bracketing?
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