Risk behavior for gain, loss, and mixed prospects

DOI10.1007/S11238-013-9396-XzbMATH Open1303.91061OpenAlexW2050561190WikidataQ58318696 ScholiaQ58318696MaRDI QIDQ490050FDOQ490050

Authors: Peter Brooks, Simon Peters, Horst Zank 

Publication date: 21 January 2015

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

Full work available at URL: https://doi.org/10.1007/s11238-013-9396-x

Recommendations

• Advances in prospect theory: cumulative representation of uncertainty
• An empirical test of gain-loss separability in prospect theory
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• Reflections on gains and losses: a \(2 \times 2 \times 7\) experiment
• It is whether you win or lose: the importance of the overall probabilities of winning or losing in risky choice

zbMATH Keywords

probability weightingloss aversionbinary choiceprospect theorysecond-order stochastic dominance

Mathematics Subject Classification ID

Decision theory (91B06) Utility theory (91B16) Experimental studies (91A90)

Cites Work

• Is probability weighting sensitive to the magnitude of consequences? An experimental investigation on losses
• Prospect theory. For risk and ambiguity.
• Investigating Generalizations of Expected Utility Theory Using Experimental Data
• The Probability Weighting Function
• A tractable method to measure utility and loss aversion under prospect theory
• Advances in prospect theory: cumulative representation of uncertainty
• Parameter-Free Elicitation of Utility and Probability Weighting Functions
• Choice-Based Elicitation and Decomposition of Decision Weights for Gains and Losses Under Uncertainty
• Stochastic Dominance and Expected Utility: Survey and Analysis
• Prospect Theory: An Analysis of Decision under Risk
• An axiomatization of cumulative prospect theory
• A microeconometric test of alternative stochastic theories of risky choice
• Exploring higher order risk effects
• Prospect theory: much ado about nothing?
• An empirical test of gain-loss separability in prospect theory
• Making descriptive use of prospect theory to improve the prescriptive use of expected utility
• The Predictive Utility of Generalized Expected Utility Theories
• Curvature of the Probability Weighting Function
• An axiomatization of cumulative prospect theory for decision under risk
• Testing and Characterizing Properties of Nonadditive Measures Through Violations of the Sure-Thing Principle
• Parametric weighting functions
• It is whether you win or lose: the importance of the overall probabilities of winning or losing in risky choice
• Preference Foundations for Nonexpected Utility: A Generalized and Simplified Technique
• Separating curvature and elevation: a parametric probability weighting function
• Comonotonic independence: The critical test between classical and rank- dependent utility theories
• What is loss aversion?
• Risk aversion in the theory of expected utility with rank dependent probabilities
• Three new tests of independence that differentiate models of risky decision making
• Risk aversion in RDEU
• Research Bibliography—Stochastic Dominance: A Research Bibliography
• Measuring the time stability of prospect theory preferences
• On the validity of the random lottery incentive system
• The impact of incentives upon risky choice experiments
• Violations of cumulative prospect theory in mixed gambles with moderate probabilities
• Testing descriptive utility theories: Violations of stochastic dominance and cumulative independence
• Reasons for rank-dependent utility evaluation
• Investigating risky choices over losses using experimental data
• The data of Levy and Levy (2002) ``Prospect theory: much ado about nothing? actually support prospect theory
• Risk aversion or myopia? Choices in repeated gambles and retirement investments
• Special theory of relativity through the Doppler effect
• Prospect theory for continuous distributions: a preference foundation
• Violations of the independence axiom in common ratio problems: An experimental test of some competing hypotheses
• Loss averse behavior

Cited In (16)

• The case of ``Less is more: modelling risk-preference with expected downside risk
• Moment Risks: Investment for Self and for a Firm
• Reflections on gains and losses: a \(2 \times 2 \times 7\) experiment
• Advances in prospect theory: cumulative representation of uncertainty
• An experimental test of loss aversion
• The valuation ``by-tranche of composite investment instruments
• Testing for risk aversion: A stochastic dominance approach
• Averting risk in the face of large losses: Bernoulli vs. Tversky and Kahneman
• Risk and rationality: uncovering heterogeneity in probability distortion
• An empirical test of gain-loss separability in prospect theory
• Probability weighting and the `level' and `spacing' of outcomes: an experimental study over losses
• Mixed risk aversion
• Do financial professionals behave according to prospect theory? An experimental study
• It is whether you win or lose: the importance of the overall probabilities of winning or losing in risky choice
• Risk attitudes of children and adults: Choices over small and large probability gains and losses
• Violations of cumulative prospect theory in mixed gambles with moderate probabilities

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