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Prospect Theory in "Family Guy"

by Charity-Joy Acchiardo

In a clip from Fox’s animated series “Family Guy” (Episode 8, Season 2), Peter Griffen is presented with a choice between a speedboat (the sure thing) and a Mystery Box. He turns down the boat for, “Who can resist the call of the Mystery Box?” Prospect theory posits that in the process of decision making, individuals assign value to changes from a reference point and that there is a difference between a loss and a gain. It also predicts that individuals tend to avoid risk when there is the prospect of a sure gain (relative to their present position). But they seek risk when one of their options is a sure loss. In this clip, Peter’s wife and neighbors all behave in line with the predictions of prospect theory leaving Peter to feel like he’s “done something stupid”.

Prospect Theory in "Family Guy"

Peter is presented with a choice between a speedboat (the sure thing) and a Mystery Box. Prospect theory posits that individuals assign value to changes from a reference point avoiding risk when their options is a sure gain.

from Family Guy (2000)
Creator: Seth MacFarlane
Distributor: Fox Studios
Posted by Charity-Joy Acchiardo
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