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The “Heuristics and Biases” research program led by economist A. Tversky (who died in 1996) and by the Nobel Prize winning psychologist D. Kahneman, has provided since 1971 an alternative approach to the Expected Utility Model in the field of decision making. Assertions of this descriptive theory focused on the psychological aspects affecting individual choice, called “The Prospect Theory”, question the normative status of Rational Choice Theory, its underlying assumptions and it predictive pretension. This article aims to provide a contrast between the two theories.
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