Social entrepreneurship through cultural heritage-CHEER - EN

Kahneman and Tversky (1979) developed the theory of choice that accurately describes howpeople actually go about making their decisions. The theory predicts that decision makers tend tobe risk averse in a domain of gains (or when there is a favorable anticipation). Similarly, thedecision maker is relatively risk seeking in a domain of losses. In other words, they establishedthat people aspire for uniqueness in relation to prospects being considered and will tend to shyaway from the components shared by all. They also discovered that people lean more towards theoutcomes obtained with certainty than those obtained by mere probabilities.