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)

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• 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
• Attention-driven probability weighting
• Risk preferences and development revisited
• Equilibrium notions for agents with cumulative prospect theory preferences
• The bounded rationality of probability distortion
• Risk neutrality regions
• A comparison of regret theory and salience theory for decisions under risk
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• Half-full or half-empty? A model of decision making under risk
• Detecting heterogeneous risk attitudes with mixed gambles
• Purely subjective extended Bayesian models with Knightian unambiguity
• The two faces of independence: betweenness and homotheticity
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• Dynamic decision making under ambiguity: an experimental investigation
• A fragile multi-CPR game
• Catastrophic risk: social influences on insurance decisions
• Beyond uncertainty aversion
• Individual-level loss aversion in riskless and risky choices
• Evolution of cooperation with peer punishment under prospect theory
• A revealed reference point for prospect theory
• Towards a general class of parametric probability weighting functions
• Optimal frequency of portfolio evaluation in a choice experiment with ambiguity and loss aversion
• Estimating cumulative prospect theory parameters from an international survey
• On some aspects of decision theory under uncertainty: rationality, price-probabilities and the Dutch book argument
• Are individuals more risk and ambiguity averse in a group environment or alone? Results from an experimental study
• The evolution of risk attitudes with fertility thresholds
• Some covariance inequalities for non-monotonic functions with applications to mean-variance indifference curves and bank hedging
• Realistic utility versus game utility: a proposal for dealing with the spread of uncertain prospects
• 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
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• 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
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• 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

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