For each of the following empirical findings, briefly explain (i) why the behavior seems inconsistent with expected utility theory, (ii) how it is consistent with prospect theory.

(a) Cab drivers in New York City work longer hours on warm, sunny days when their per-hour wage is low.

(b) Some students who were about to buy season tickets to a campus theater group were randomly selected and given a discount. During the first part of the season, those who paid full price attended significantly more plays than those who received discounts.

(c) Bettors tend to shift their bets toward longshots, and away from racetrack favorites, later in the racing day.