The Field Guide › Paper
The foundational paper introducing Prospect Theory — a descriptive model of decision-making under risk that systematically departs from expected utility theory. Key findings: losses loom larger than equivalent gains (loss aversion); people are risk-averse for gains but risk-seeking for losses; outcomes are evaluated relative to a reference point, not in absolute terms. Directly relevant to the calculus of voice: the asymmetric weighting of costs and benefits explains why speaking up feels riskier than staying silent even when the expected value favours voice.