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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

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

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

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

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

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

Does Risk Seeking Drive Asset Prices? A stochastic dominance analysis of aggregate investor preferences

Post, G.T.; Levy, H. - Erasmus Research Institute of Management (ERIM), ERIM … - 2002

We investigate whether risk seeking or non-concave utility functions can help to explain the cross-sectional pattern of stock returns. For this purpose, we analyze the stochastic dominance efficiency classification of the value-weighted market portfolio relative to benchmark portfolios based on...

Persistent link: https://www.econbiz.de/10005505017

Choquet OK?

Hey, John D; Lotito, Gianna; Maffioletti, Anna - Department of Economics and Related Studies, University … - 2007

There is a large theoretical literature in both economics and psychology on decision making under ambiguity (as … clear that different decision makers have different functionals. We also identify new decision rules which are not …

Persistent link: https://www.econbiz.de/10005523931

How Politicians Make Decisions: A Political Choice Experiment

Fatás, Enrique; Neugebauer, Tibor; Tamborero, Pilar - Instituto de Estudios Sociales de Andalucía (IESA) - 2004

The present paper reports on a political choice experiment with elected real-world politicians. A questionnaire on political and public issues is taken to examine whether prospect theory predicts the responses of experts from the field better than rational choice theory. The results indicate...

Persistent link: https://www.econbiz.de/10005531014

Risk Attitudes of Children and Adults: Choices Over Small and Large Probability Gains and Losses

Harbaugh, William T.; Krause, Kate; Vesterlund, Lise - The Field Experiments Website - 2002

In this paper we examine how risk attitudes change with age. We present participants from age 5 to 65 with choices between simple gambles and the expected value of the gambles. The gambles are over both gains and losses, and vary in the probability of the non-zero payoff. Surprisingly, we find...

Persistent link: https://www.econbiz.de/10005490027