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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

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

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

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

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

Computational aspects of prospect theory with asset pricing applications

Giorgi, Enrico; Hens, Thorsten; Mayer, János - In: Computational Economics 29 (2007) 3, pp. 267-281

We develop an algorithm to compute asset allocations for Kahneman and Tversky’s (Econometrica, 47(2), 263–291, 1979) prospect theory. An application to benchmark data as in Fama and French (Journal of Financial Economics, 47(2), 427–465, 1992) shows that the equity premium puzzle is...

Persistent link: https://www.econbiz.de/10005701604

Prospect-theoryâ€™s Diminishing Sensitivity Versus Economicsâ€™ Intrinsic Utility of Money: How the Introduction of the Euro can be Used to Disentangle the Two Empirically

Wakker, Peter; Köbberling, Veronika; Schwieren, Christiane - In: Theory and Decision 63 (2007) 3, pp. 205-231

Persistent link: https://www.econbiz.de/10005709862

Rethinking Risk Attitude: Aspiration as Pure Risk

Davies, Greg - In: Theory and Decision 61 (2006) 2, pp. 159-190

There exists no completely satisfactory theory of risk attitude in current normative decision theories. Existing …

Persistent link: https://www.econbiz.de/10005709888

Behavioral and Prescriptive Explanations of a Reverse Sunk Cost Effect

Johnstone, David - In: Theory and Decision 53 (2002) 3, pp. 209-242

Persistent link: https://www.econbiz.de/10005709930