Pennings, Joost M. E.; Smidts, Ale - In: Management Science 49 (2003) 9, pp. 1251-1263
Based on measurements among 332 owner-managers, we investigate how the global shape of the utility function (i.e., S-shaped versus concave or convex over the total range of outcomes) relates to choice behavior. We find that the global shape of the utility function differs across decision makers...