Is Cumulative Prospect Theory a Serious Alternative for the Expected Utility Paradigm?

The purpose of this paper is to demonstrate that Cumulative Prospect Theory is a serious alternative for Expected Utility Theory. It does not contradict Expected Utility, but includes it as a special example. A very useful example, because simple and yet very flexible, Expected Utility proved indispensable in many areas of economic analysis. Though a special example, because it does not capture some important effects observed in real choice behavior

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Year of publication:	2012
Authors:	Lewandowski, Michał
Publisher:	[2012]: [S.l.] : SSRN
Subject:	Prospect Theory \| Prospect theory \| Erwartungsnutzen \| Expected utility \| Nutzen \| Utility \| Entscheidung \| Decision

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