Is Prelec’s function discontinuous at p = 1? (for the Einhorn Award of SJDM)

A possibility of the existence of a discontinuity of Prelec’s (probability weighting) function at the probability p = 1 is discussed. This possibility is supported by the purely mathematical theorems and the “certain–uncertain” inconsistency of the random–lottery incentive experiments. The results of the well-known experiment support it as well.

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Year of publication:	2015-05-28
Authors:	Harin, Alexander

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Harin, Alexander (2015): Is Prelec’s function discontinuous at p = 1? (for the Einhorn Award of SJDM).
Classification:	C0 - Mathematical and Quantitative Methods. General ; C02 - Mathematical Methods ; C1 - Econometric and Statistical Methods: General ; C8 - Data Collection and Data Estimation Methodology; Computer Programs ; C9 - Design of Experiments ; C91 - Laboratory, Individual Behavior ; C93 - Field Experiments ; D01 - Microeconomic Behavior: Underlying Principles ; D8 - Information and Uncertainty ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; g02 ; G11 - Portfolio Choice
Source:	BASE

Persistent link: https://www.econbiz.de/10015247773