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Endogenous Prospect Theory
Schmidt, Ulrich; Zank, Horst - 2010
In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This paper provides an axiomatization of a new specification of cumulative prospect theory, termed endogenous prospect...
Persistent link: https://www.econbiz.de/10010314358
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The Impact of Experience on Violations of Independence and Coalescing
Schmidt, Ulrich; Birnbaum, Michael - 2014
The present paper reports a repeated experiment on decision making under risk where subjects have to tackle the same … experiment. Our analysis complements and extends Hey (2001) who analyzes for each subject the fit of several preference …
Persistent link: https://www.econbiz.de/10010396921