  We consider a model for decision making based on an adaptive, k-period,
learning process where the priors are selected according to Von
Neumann-Morgenstern expected utility principle. A preference relation between
two prospects is introduced, defined by the condition which prospect is
selected more often. We show that the new preferences have similarities with
the preferences obtained by Kahneman and Tversky (1979) in the context of the
prospect theory. Additionally, we establish that in the limit of large learning
period, the new preferences coincide with the expected utility principle.
