A simple derivation of Prelec's probability weighting function

DOI10.1016/J.JMP.2006.07.006MaRDI QIDQ867988zbMATH OpenOpenAlexFDO

Authors Ali al-Nowaihi, Sanjit Dhami

Publication date 19 February 2007

Published in Journal of Mathematical Psychology (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.jmp.2006.07.006

zbMATH Keywords

algebraic functional equationscompound invariancedecision making under riskpower invariancePrelec's probability weighting functionprospect theoryrank dependent expected utilityreduction invariance

Mathematics Subject Classification ID

Social choice (91B14) Utility theory (91B16)

Recommendations

• A behavioral condition for Prelec's weighting function on the positive line without assuming W(1)=1
• Reduction invariance and Prelec's weighting functions
• A note on the shape of the probability weighting function
• An experimental test of reduction invariance
• Curvature of the Probability Weighting Function

Cites work

• Advances in prospect theory: cumulative representation of uncertainty
• scientific article; zbMATH DE number 3617833 (Why is no real title available?)
• Prospect Theory: An Analysis of Decision under Risk
• Reduction invariance and Prelec's weighting functions
• The Probability Weighting Function

Cited in

(12)

• Parametric weighting functions
• Reduction invariance and Prelec's weighting functions
• On probabilities and loss aversion
• Using logarithmic derivative functions for assessing the risky weighting function for binary gambles
• Compound invariance implies prospect theory for simple prospects
• The Probability Weighting Function
• Lottery decisions and probability weighting function
• An experimental test of reduction invariance
• Assessing risky weighting functions for positive and negative binary gambles using the logarithmic derivative function
• On a derivation of the Goldstein-Einhorn probability weighting functions
• A behavioral condition for Prelec's weighting function on the positive line without assuming W(1)=1
• Empirical evaluation of a model of global psychophysical judgments. IV : Forms for the weighting function

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