Linda Susilowati, Dwi Cahyaningdyah

TEORI PROSPEK DAN PENGAMBILAN KEPUTUSAN DALAM KONDISI BERISIKO: TINJAUAN LITERATUR SISTEMATIS (2020-2026)

Introduction

Teori prospek dan pengambilan keputusan dalam kondisi berisiko: tinjauan literatur sistematis (2020-2026). SLR ini meninjau Teori Prospek & pengambilan keputusan berisiko (2020-2025). Temukan bagaimana penghindaran kerugian, pembobotan probabilitas, & bias psikologis memengaruhi keputusan investasi.

Abstract

Prospect Theory (PT) is one of the most influential theories in behavioral economic and financial psychology, explaining how individuals respond to uncertainty through loss aversion, probability weighting, and reference dependence. This article conducts a Systematic Literature Review (SLR) of 9 open-access international articles published in 2020–2025 that test decision-making behavior under risk using PT and Cumulative Prospect Theory (CPT). The extraction procedure uses the PRISMA protocol, with main categories: research context, theoretical model, empirical method, findings, and implications. The synthesis results show the consistency of loss aversion behavior, non-linear probability weighting, and framing effect that cause investors to deviate from rationality assumptions. The study also shows variations in elicitation parameters and methods, but generally confirms that risk preferences are influenced by psychological bias and market context. The theoretical implications emphasize the need for a decision model that considers behavioral bias, while practical implications recommend education-based and debiasing interventions to improve the quality of investment decisions. This review is limited to limited sample and methodological heterogeneity, and suggests future research to expand the empirical context and integration of experimental approaches.

Review

The article, "TEORI PROSPEK DAN PENGAMBILAN KEPUTUSAN DALAM KONDISI BERISIKO: TINJAUAN LITERATUR SISTEMATIS (2020-2026)," presents a timely and relevant Systematic Literature Review (SLR) focusing on Prospect Theory (PT) and Cumulative Prospect Theory (CPT) in decision-making under risk. Leveraging the PRISMA protocol, the authors synthesize findings from 9 open-access international articles published between 2020 and 2025. A key strength lies in its clear articulation of consistent behavioral patterns, such as loss aversion, non-linear probability weighting, and the framing effect, which collectively demonstrate how investors deviate from classical rationality assumptions. The study effectively highlights the pervasive influence of psychological biases and market context on risk preferences. The methodical application of the PRISMA protocol for article extraction, using categories like research context, theoretical model, empirical method, findings, and implications, provides a robust framework for analysis. This structured approach allows the SLR to not only confirm the fundamental tenets of PT but also to identify variations in elicitation parameters and methods across studies. Despite these variations, the overarching synthesis consistently reinforces the notion that risk preferences are deeply rooted in psychological biases, thereby underscoring the necessity for a more behaviorally-informed decision model. The theoretical and practical implications are well-defined, advocating for the integration of behavioral insights into decision models and proposing education-based and debiasing interventions to enhance investment decision quality. While comprehensive in its approach, the review acknowledges limitations, particularly concerning its limited sample size (9 articles) and the inherent methodological heterogeneity across the included studies. These factors may restrict the generalizability of some findings and suggest areas for caution in interpretation. Consequently, the authors appropriately recommend future research to expand the empirical context and integrate experimental approaches, which could provide richer and more nuanced insights into decision-making under risk. Despite these acknowledged constraints, this SLR offers valuable contributions to behavioral economics and finance, providing a concise yet insightful overview of recent research and setting a clear agenda for subsequent scholarly inquiry.

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