Title: Environmental management decisions under risk and uncertainty: a systematic literature review of prospect theory

Authors: Asma Zeeshan; Tariq Aziz; Muhammad Abbas; Satish Kumar

Addresses: FAST University, Islamabad, Pakistan; Bahria University, Islamabad, Shangrilla Rd, E 8/1 E-8, Islamabad, Pakistan ' Business Administration Department, Sukkur IBA University, Airport Road, Sukkur, Sindh, Pakistan ' Faculty of Management, Sarhad University of Science and IT, Peshawar, Pakistan ' Department of Management Studies, MNIT Jaipur, Jaipur, 302017, India

Abstract: This study explores the applicability of prospect theory in environmental management decisions and how much it is effective in achieving sustainability. We aim to investigate the already available literature about the given issue and show the limitations of the existing research to make way for future researchers. Further, it explores how the theory applies to different industries and how this fact is acknowledged or ignored in environmental management.

Keywords: prospect theory; environmental management; sustainability; consumer traits; consumer behaviour; health traits; favourable choices; psychological tendencies; eco-friendly behaviour; message framing; loss aversion.

DOI: 10.1504/IJBG.2024.142434

International Journal of Business and Globalisation, 2024 Vol.38 No.4, pp.572 - 590

Received: 22 Dec 2020
Accepted: 13 Jan 2021
Published online: 31 Oct 2024 *

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