Cumulative prospect theory and imprecise risk (Q5934221)
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scientific article; zbMATH DE number 1606157
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Cumulative prospect theory and imprecise risk |
scientific article; zbMATH DE number 1606157 |
Statements
Cumulative prospect theory and imprecise risk (English)
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26 July 2001
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The compatibility of the Cumulative Prospect Theory (CPT), and the Expected Utility under Imprecise Risk theory (EUIR) is studied. The decision maker is supposed to agree with the expected utility theory under risk, making use of EUIR criterion under imprecise risk, and adopting CPT in an ambiguous, non-objectively probabilized situations. The coexistence of such an combination is investigated. A new EUIR model is axiomatized.
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decision making
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expected utility
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ambiguity
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imprecise risk
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