Consistency of determined risk attitudes and probability weightings across different elicitation methods

DOI10.1007/S11238-017-9616-XMaRDI QIDQ1648922zbMATH OpenOpenAlexFDO

Authors Golo-Friedrich Bauermeister, Daniel Hermann, Oliver Mußhoff

Publication date 5 July 2018

Published in Theory and Decision (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s11238-017-9616-x

zbMATH Keywords

probability weightingcumulative prospect theoryrisk attitudeTanaka-Camerer-Nguyen methodWakker-Deneffe method

Mathematics Subject Classification ID

Utility theory (91B16)

Recommendations

• Stability of probability effects in utility elicitation
• Risk aversion elicitation: reconciling tractability and bias minimization
• Parameter-Free Elicitation of Utility and Probability Weighting Functions
• Resolving inconsistencies in utility measurement under risk: tests of generalizations of expected utility
• Does probability weighting matter in probability elicitation?

Cites work

• Advances in prospect theory: cumulative representation of uncertainty
• Bounded rationality in individual decision making
• Cumulative prospect theory's functional menagerie
• Elicitation using multiple price list formats
• Eliciting von Neumann-Morgenstern Utilities When Probabilities Are Distorted or Unknown
• Gender, financial risk, and probability weights
• Investigating Generalizations of Expected Utility Theory Using Experimental Data
• Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine
• Making descriptive use of prospect theory to improve the prescriptive use of expected utility
• Parameter-Free Elicitation of Utility and Probability Weighting Functions
• Prospect Theory: An Analysis of Decision under Risk
• Risk aversion elicitation: reconciling tractability and bias minimization
• Subjective probability weighting and the discovered preference hypothesis
• The Probability Weighting Function
• Which error story is best?

Cited in

(4)

• The Midweight Method to Measure Attitudes Toward Risk and Ambiguity
• Prospect theory in multiple price list experiments: further insights on behaviour in the loss domain
• Lottery- and survey-based risk attitudes linked through a multichoice elicitation task
• Stability of probability effects in utility elicitation

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