(Answered) Prospect theory is a modification of expected utility

Economics

Prospect Theory is a modification of expected utility theory by two psychologists named Daniel Kahneman and Amos Tversky. Kahneman won the 2002 Nobel Prize in Economics for this work - Tversky died before the prize was awarded and the committee does not award prizes posthumously.

What is the difference between normative and descriptive theories?
What is framing?
In what ways does Prospect Theory differ from expected utility theory. Describe each one and say why it is important.
What is loss aversion? Why is it important?

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