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the theory. Qualities allow the derivation of optimal decision-making processes and are taken explicitly into account for … lottery evaluation. Our contribution explains the major violations of the expected utility theory for decisions on two …
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The aim of this paper is to propose a model of decision-making for lotteries. The key element of the theory is the use … account for lottery evaluation. Our contribution explains the major violations of the expected utility theory for decisions on …
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This article analyzes the implications of basic lottery tests for the probability weighting function w(p). We first show that the w(p) function with one argument cannot accommodate three basic tests of lottery choice. We also discuss in detail the links between the w(p) function with one...
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