We discuss a descriptive theory of decision making which has received much attention in recent decades: prospect theory. We specifically focus on applying the theory to problems with two attributes, assisted by different independence assumptions. We discuss a process for solving decision problems using the theory before applying it to a real life example of purchasing breakdown cover.
"Applying prospect theory to multiattribute problems with independence assumptions." Involve 12 (4) 687 - 711, 2019. https://doi.org/10.2140/involve.2019.12.687