Education and health sectors are known to have massive impact on the quality of human life. In this context, the health … sector is discussed in this study to analyse the impact of fiscal decentralisation on basic health infrastructure in Pakistan …. Provincial datasets (1980-2001) from three provinces were used for the analysis of provincial health indicators. It was learnt …

-dependent utility or cumulative prospect theory) …

This paper analyzes insurance demand under prospect theory in a simple model with two states of the world and fair … insurance contracts. We argue that two different reference points are reasonable in this framework, state-dependent initial … wealth or final wealth after buying full insurance. Applying the value function of Tversky and Kahneman (1992), we find that …

and the potential increments over it are evaluated by subjective expected utility with a risky utility function u. In … contrast to earlier approaches with models that aimed at separating riskless and risky utility, CT does not violate basic … irregularities like the expected utility paradoxes of Allais and Rabin, CT also separates risk attitude in the strong sense from …

discounted expected utility (DEU) as well as prospect theory and other models relying on probability weighting. In this note I …