This paper pits expected utility theory and cumulative prospect theory against each other as regards their descriptive … utility theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented in … evidence. It is pointed out that there are other empirical observations which cannot be explained by cumulative prospect theory …

the basics of expected utility theory, the key pieces of evidence are described which showed that under certain … circumstances, this theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented … prospect theory either, so that a model which would explain all evidence on decisions under risk is still to be found. …