Prospect Theory as a Model of Risky Choice: Descriptive and Normative Assessments

Posted On November 22, 2017

October 16, 2017 - October 17, 2017

Hayfield Manor Hotel

*Due to the impending weather risks, the conference location has changed. It will now be held in the conference room of the Hayfield Manor Hotel. The conference room can be accessed via a stairwell on the first floor. The hotel staff are aware of the event, and should be able to point you in the right direction.

General Information

Prospect theory, as originally developed and subsequently refined by Kahneman and Tversky, is widely regarded as the most sophisticated theoretical achievement of behavioral economics. Its great importance, especially with respect to the concepts it introduced, is beyond serious dispute. However, like any major scientific model, it is vulnerable to being interpreted as dogma, as a statement of truth that can be used as an argument-stopper and as a basis for sweeping rejection of perspectives with which it is in tension. Empirical investigations of prospect theory, both in its original (1979) articulation and its ‘cumulative’ (1992) version that accommodates econometric identification and estimation, are equivocal in their results, certainly more interesting than straightforward ‘confirmation’ or ‘refutation’. Additionally, important questions about prospect theory’s completeness or adequacy as a descriptive theory of choice under risk and uncertainty spill over into problems of normative assessment, about welfare and well-being, raised by behavioral and experimental economics. At a time when more and more governments and companies are adopting policies and strategies based on their interpretations of results from behavioral economics, joint assessment of prospect theory’s descriptive and normative authority is directly relevant to management of institutional, political, environmental, and personal risk. In this workshop we will bring together economists and philosophers to critically review the empirical status of prospect theory, in both original and cumulative forms, along with the implications of this status for public, corporate and household policies.


Glenn Harrison (CEAR, Georgia State University) and Don Ross (University College Cork, University of Cape Town, and CEAR) are the organizers of this workshop. Funding is being provided by CEAR. For more information on CEAR, see For more information on UCC, see Standard travel and accommodation support for paper presenters will be provided. Should you have any questions, please contact Professor Don Ross at about the substance of the workshop, and contact Mark Schneider at with questions about participation and logistics.

There will be meals provided throughout the conference. Please contact should you have any dietary restrictions or special needs.

Dates & Times

Monday, October 16, 2017 - 08:45 to 18:00. Refreshments and lunch will be provided.
Monday, October 16, 2017 - 19:30 - Conference Dinner.
Tuesday, October 17, 2017 - 09:00 to 18:00. Refreshments and lunch will be provided.
Tuesday, October 17, 2017 - 18:15 to 21:00 - Dinner.

Contact Mark Schneider at should you have any dietary restrictions or special needs.


The workshop will be held in the conference room of the Hayfield Manor Hotel. The room is accessed via a stairwell on the first floor, just behind the front desk area. The hotel staff are aware of the event, and should be able to point you in the right direction if the room is not easily apparent.

Presenters will be accommodated at the Hayfield Manor Hotel,, Cork’s 5-star hotel that embodies the ambient charm and historical depth of Ireland’s special culture.

Cork is the Irish Republic’s second city, European headquarters of Apple and other major companies, and famous for traditional artisanal foods, Murphy’s and Beamish stout ales, and historic architecture.


We have booked a room at the Hayfield Manor Hotel for all of the presenters, checking in on 15 October and checking out on 18 October (unless otherwise discussed). These nights will be paid for in advance, so the only cost to you would be incidentals and any additional services you might need. If you require additional nights, please let us know, and we will coordinate with the hotel to try to accommodate as best as possible.


Cork Airport is directly served from various airports in the United Kingdom, plus Amsterdam, Paris, Munich, and Reykjavik. Iceland’s WOW airline connects Cork to various North American destinations via Reykjavik. All major airline hubs abroad are connected to Dublin Airport, from which Cork is reached in about 3 hours by overland shuttle.

For more information on how to get to UCC, see

If one flies to either Dublin or Shannon with Aer Lingus, direct from the US, then on the return trip one clears US immigration in Ireland. KLM / Delta has direct flights from Amsterdam to Cork, but a more flexible schedule between Amsterdam and Dublin.