Prospect theory is an approach that focuses on decision making under risk. Prospect theory approach foresees two phases in making decisions. The editing phase involves a preliminary analysis of the choice problem and includes identification of the options available to the actor, the possible outcomes or consequences of each, and the values and probabilities associated with each of these outcomes. In the evaluation phase, the edited prospects are evaluated and the preferred prospect is selected, which means that the decision is made (Levy, 1992, 179-180). According to this theory, the individual attitude towards gain and loss are not the same and people fear loss more than they expect gain. Prospect theory suggests that avoiding loss is more important than securing gain and that is why individuals cherish what they possess and are wary of losing what they already have (Mintz and DeRouen, 2010, 76).