prospect theory
C1CEFR level
68/100Rarity: rare
TechnicalRegister
A model of choice under risk in which people weigh gains and losses relative to a reference point rather than final wealth.
Prospect theory predicts the bonus scheme will drive more risk-taking after a bad quarter than a good one.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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