Prospect theory. For risk and ambiguity.

DOI10.1017/CBO9780511779329zbMATH Open1200.91004OpenAlexW4243522648MaRDI QIDQ3559189FDOQ3559189

Authors: Peter P. Wakker 

Publication date: 12 May 2010

Full work available at URL: https://doi.org/10.1017/cbo9780511779329

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zbMATH Keywords

uncertaintyriskambiguityexpected utilityprospect theorynonexpected utilityrational behaviorrank dependencepreferences of individuals

Mathematics Subject Classification ID

Decision theory (91B06) Individual preferences (91B08) Introductory exposition (textbooks, tutorial papers, etc.) pertaining to game theory, economics, and finance (91-01)

Cited In (only showing first 100 items - show all)

• Risk perception and ambiguity in a quantile cumulative prospect theory
• The dual theory of the smooth ambiguity model
• Comparing attitudes toward time and toward money in experience-based decisions
• When Risk Perception Gets in the Way: Probability Weighting and Underprevention
• Prospect theory, indifference curves, and hedging risks
• Belief hedges: Measuring ambiguity for all events and all models
• Empirical evaluation of third-generation prospect theory
• Guilt moderation
• Framing of incentives and effort provision
• Subjective expected utility without preferences
• Propensity for hedging and ambiguity aversion
• On the cardinal utility equivalence of biseparable preferences
• Expected utility theory and inner and outer measures of loss aversion
• Do Bayesians Learn Their Way Out of Ambiguity?
• Reference dependent ambiguity
• All over the map: A worldwide comparison of risk preferences
• When normative and descriptive diverge: how to bridge the difference
• Parametric multi-attribute utility functions for optimal profit under risk constraints
• Asset pricing in a Lucas fruit-tree economy with the best and worst in mind
• Measuring the time stability of prospect theory preferences
• Negative recency, randomization device choice, and reduction of compound lotteries
• Source and rank-dependent utility
• Title not available (Why is that?)
• A dual approach to ambiguity aversion
• Learning in games with cumulative prospect theoretic preferences
• A decision-theoretic model of asset-price underreaction and overreaction to dividend news
• An experimental test of reduction invariance
• Reconciling Savage's and Luce's modeling of uncertainty: the best of both worlds
• Ambiguity and the Bayesian paradigm
• Title not available (Why is that?)
• The price for information about probabilities and its relation with risk and ambiguity
• Bayesian decision theory and stochastic independence
• On attitude polarization under Bayesian learning with non-additive beliefs
• Fragility of the commons under prospect-theoretic risk attitudes
• Randomization and dynamic consistency
• From uniform expected utility to uniform rank-dependent utility: an experimental study
• Revealed preferences under uncertainty: incomplete preferences and preferences for randomization
• Allocation of tasks for reliability growth using multi-attribute utility
• Pricing insurance contracts under cumulative prospect theory
• Ambiguity attitudes, framing, and consistency
• Separating curvature and elevation: a parametric probability weighting function
• Common belief in rationality in psychological games. Belief-dependent utility and the limits of strategic reasoning
• Deciding about human lives: an experimental measure of risk attitudes under prospect theory
• Regret theory: a new foundation
• Comonotonic proper scoring rules to measure ambiguity and subjective beliefs
• Risk behavior for gain, loss, and mixed prospects
• Individual vs. couple behavior: an experimental investigation of risk preferences
• Prospect theory for continuous distributions: a preference foundation
• Biased Bayesian learning with an application to the risk-free rate puzzle
• Utility independence of multiattribute utility theory is equivalent to standard sequence invariance of conjoint measurement
• Aversion to risk of regret and preference for positively skewed risks
• Optimal investment under ambiguous technology shocks
• Emotional balance and probability weighting
• From aggregate betting data to individual risk preferences
• Stake effects on ambiguity attitudes for gains and losses
• Generalised mean-risk preferences
• Randomized strategies and prospect theory in a dynamic context
• Prospect Theory: An Analysis of Decision under Risk
• A parsimonious model of subjective life expectancy
• Is there a plausible theory for decision under risk? A dual calibration critique
• Probabilistic risk attitudes and local risk aversion: a paradox
• Piecewise additivity for non-expected utility
• Probabilistic choice (models) as a result of balancing multiple goals
• Expected utility with uncertain probabilities theory
• Utilitarianism with and without expected utility
• Bayesian learning with multiple priors and nonvanishing ambiguity
• Skewness seeking: risk loving, optimism or overweighting of small probabilities?
• Mixed extensions of decision problems under uncertainty
• Title not available (Why is that?)
• European option pricing under cumulative prospect theory with constant relative sensitivity probability weighting functions
• A life-cycle model with ambiguous survival beliefs
• Heterogeneity of probability weighting in investment decisions
• Preferences over rich sets of random variables: on the incompatibility of convexity and semicontinuity in measure
• Violations of coalescing in parametric utility measurement
• A theoretical foundation of ambiguity measurement
• A survey of decision making and optimization under uncertainty
• Multicriteria decision making inspired by human cognitive processes
• The overconfident and optimistic price-setting newsvendor
• A rank-dependent utility model of uncertain lifetime
• Probabilistically distorted risk-sensitive infinite-horizon dynamic programming
• Optimal allocations with α‐MaxMin utilities, Choquet expected utilities, and prospect theory
• Probability weighting for losses and for gains among smallholder farmers in Uganda
• Violations of betweenness and choice shifts in groups
• Introduction to the special issue in honor of Peter Wakker
• The Ellsberg paradox: a challenge to quantum decision theory?
• Preferences over all random variables: incompatibility of convexity and continuity
• Optimal stopping and the sufficiency of randomized threshold strategies
• Social and strategic ambiguity versus betrayal aversion
• Measuring risk aversion with lists: a new bias
• Beyond the Pearson correlation: heavy-tailed risks, weighted Gini correlations, and a Gini-type weighted insurance pricing model
• Zooming in on ambiguity attitudes
• Underestimation of probabilities modifications: characterization and economic implications
• Lottery- and survey-based risk attitudes linked through a multichoice elicitation task
• When a combination of convexity and continuity forces monotonicity of preferences
• Discrete Arrow-Pratt indexes for risk and uncertainty
• Weighted allocations, their concomitant-based estimators, and asymptotics
• A premium principle based on the \(g\)-integral
• Mathematical foundation of artificial intelligence
• On the geometry of Nash and correlated equilibria with cumulative prospect theoretic preferences
• A unified approach to the monotone integral-based premium principles under the CPT theory

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