Explain using framing effects-prospect theory

Reference no: EM13494200

Consider the following two decision-making scenarios:

Scenario 1: You receive $100, and then choose between:

A) A sure loss of $75;

B) Gambling with 75% chance to lose $100, and 25% chance to lose nothing.

Scenario 2: Choose between:

C) A sure win of $25;

D) Gambling with 25% chance to win $100, and 75% chance to win nothing.

would there be inconsistencies between the two scenarios, according to framing effects / prospect theory? Explain using framing effects/prospect theory.

Reference no: EM13494200

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