This article reports a study that tests whether the internal consistency of the standard gamble can be improved upon by incorporating loss weighting and probability transformation parameters in the standard gamble valuation procedure. Five alternatives to the standard EU formulation are...

We study a very general setting, and propose a procedure for estimating the critical values of the extended Kolmogorov-Smirnov tests of First and Second Order Stochastic Dominance due to McFadden (1989) in the general k-prospect case. We allow for the observations to be generally serially...

There is a duality theory connecting certain stochastic orderings between cumulative distribution functions F1 , F2 and stochastic orderings between their inverses F −1 , F −1. This underlies some theories of utility in the case of the cdf and deprivation indices in the case of the inverse....