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:	2006-11-14
Authors:	Lewandowski, Michal

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Lewandowski, Michal (2006): Is Cumulative Prospect Theory a Serious Alternative for the Expected Utility Paradigm?
Classification:	D03 - Behavioral Economics; Underlying Principles ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; C91 - Laboratory, Individual Behavior
Source:	BASE

Persistent link: https://www.econbiz.de/10015235043