We extend the original form of Prospect Theory by Kahneman and Tversky from finite lotteries to arbitrary probability distributions, thus paving the way for applications in economics and finance. Moreover, we suggest a method how to incorporate a crucial step of the “editing phase” into...

Purpose – In order to classify individuals based on their needs, this paper aims to consider both self‐stated attitudes and behaviours in a comprehensive range of daily financial affairs. Furthermore, it aims to study the impacts of socio‐demographic variables such as gender, age, and...