Recent experimental studies have focused on fitting parameterized functional forms to cumulative prospect theory's weighting function. This paper examines the behavioral implications of the functional forms and the estimated parameters. We find that none of the parameterizations can...

We argue that many strategic interactions are chosen by, rather than imposed upon, agents. The endogeneity of the implicit game substantially alters the incentive structure faced by agents. If agents can refuse to play a game and instead seek a different partner, then it becomes in their...