Given this framework, how do people interpret, or ‘account for’, multiple transactions/outcomes, of the format formula_1? They can either view the outcomes jointly, and receive formula_2, in which case the outcomes are integrated, orformula_3, in which case we say that the outcomes are segregated. Due to the nature of our value function’s different slopes for gains and losses, our utility is maximized in different ways, depending on how we code the four kinds of transactions formula_4 and formula_5 (as gains or as losses):