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September 10, 2025

Review of Risk Decision-Making Theory

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Risk decision-making theory has evolved significantly since the mid-20th century, addressing complex environments.
Core models like prospect theory and cumulative prospect theory highlight how decision framing affects risk-taking behavior.
The influence of individual differences and social factors on risk decisions is critically analyzed in this review.
Future research directions emphasize interdisciplinary integration and innovation in the field of risk decision theory.

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This review discusses key models in risk decision theory, focusing on prospect theory and frame effects.

Xinyi Wu (2025) studied this question.

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