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Testing Prospect Theories Using Probability Tradeoff Consistency
Wu, George; Zhang, Jiao; Abdellaoui, Mohammed - In: Journal of Risk and Uncertainty 30 (2005) 2, pp. 107-131
The two versions of prospect theory, original prospect theory (OPT; Kahneman and Tversky, 1979) and cumulative prospect theory (CPT; Tversky and Kahneman, 1992), use different composition rules to combine the value function and the probability weighting function and hence value gambles with two...
Persistent link: https://www.econbiz.de/10005678191
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Zur mehrdimensionalen Messung der subjektiven Wahrnehmung von Entscheidungssituationen
Heimbach, Jörg; Piper, Anne - Gesellschaft für Wirtschafts- und Sozialwissenschaften … - 2013
Das Verhalten in Entscheidungssituationen ist nach SCHADE und STEUL (1998: 7) von den Komponenten Risikoeinstellung, Risikowahrnehmung und Ergebniswahrnehmung bestimmt. Während Risikoeinstellung und Ergebniswahrnehmung in der psychologischen und experimentellen Entscheidungsforschung eine...
Persistent link: https://www.econbiz.de/10011069496
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A Mental Value Perspective in Risk Decision Theory
Davidescu, Roxana; Trifu, Alexandru - In: Theoretical and Applied Economics 7(502) (2006) 7(502), pp. 101-104
field of risk decision-making, especially for firms’ activity in the marketplace. …
Persistent link: https://www.econbiz.de/10005154578
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Standard decision theory and prospect theory: Philosophical considerations regarding theoretical change
Marqués, Gustavo; Weisman, Diego - In: Economía 36 (2011) 31, pp. 55-83
. It is suggested that conventional decision theory could be the base of standard economics (interpreted as normative … is examined the proposal of biologic and psychological mechanisms for explaining decision making processes and the search …
Persistent link: https://www.econbiz.de/10009650778
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Sequential Decision Analysis of the Traditional Deterrence Game
Carlson, Lisa; Dacey, Raymond - In: Peace Economics, Peace Science and Public Policy 10 (2005) 3, pp. 2-2
employ sequential decision theory to analyze the game of incomplete information. The analysis is basic in that we employ a … Challenger using both a von-Neumann-Morgenstern decision rule and a Kahneman-Tversky decision rule. The formal results show that … the von Neumann-Morgenstern decision rule that are reversed from those made under the Kahneman-Tversky decision rule. We …
Persistent link: https://www.econbiz.de/10005459141
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Risk aversion elicitation: reconciling tractability and bias minimization
Abdellaoui, Mohammed; Driouchi, Ahmed; Olivier L’Haridon - In: Theory and Decision 71 (2011) 1, pp. 63-80
Persistent link: https://www.econbiz.de/10009150231
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Source-Dependence of Utility and Loss Aversion: A Critical Test of Ambiguity Models
Abdellaoui, Mohammed; Bleichrodt, Han; L'Haridon, Olivier; … - Centre de Recherche en Économie et Management (CREM) - 2013
This paper tests whether utility is the same for risk and for uncertainty. This test is critical for models that capture ambiguity aversion through a difference in event weighting between risk and uncertainty, like the multiple priors models and prospect theory. We present a new method to...
Persistent link: https://www.econbiz.de/10010969007
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Revisiting the home bias puzzle: Downside equity risk
Campbell, Rachel A.; Kräussl, Roman - Center for Financial Studies - 2006
Deviations from normality in financial return series have led to the development of alternative portfolio selection models. One such model is the downside risk model, whereby the investor maximizes his return given a downside risk constraint. In this paper we empirically observe the...
Persistent link: https://www.econbiz.de/10010986470
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Joint measurement of risk aversion, prudence, and temperance
Ebert, Sebastian; Wiesen, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 3, pp. 231-252
study of economic decision making. We propose a method to jointly measure the intensity of risk aversion, prudence, and …
Persistent link: https://www.econbiz.de/10010987807
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Prospect theory and the “forgotten” fourfold pattern of risk preferences
Scholten, Marc; Read, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 1, pp. 67-83
Markowitz (Journal of Political Economy 60:151–158, <CitationRef CitationID="CR27">1952</CitationRef>) identified a fourfold pattern of risk preferences in outcome magnitude: When outcomes are large, people are risk averse in gains and risk seeking in losses, but risk preferences reverse when the outcomes are small, with people...</citationref>
Persistent link: https://www.econbiz.de/10010987820