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150324s1998 xx |||||o 00| ||eng c |
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|a 10.2307/2998573
|2 doi
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|a (DE-627)JST028780531
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|a (JST)2998573
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|a DE-627
|b ger
|c DE-627
|e rakwb
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|a eng
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1 |
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|a Prelec, Drazen
|e verfasserin
|4 aut
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|a The Probability Weighting Function
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|c 1998
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
|b c
|2 rdamedia
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|a Online-Ressource
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|a A probability weighting function w(p) is a prominent feature of several non-expected utility theories, including prospect theory and rank-dependent models. Empirical estimates indicate that w(p) is regressive (first w(p) > p, then w(p) < p), s-shaped (first concave, then convex), and asymmetrical (intersecting the diagonal at about 1/3). The paper states axioms for several w(p) forms, including the compound invariant, w(p) = <tex-math>${\rm exp}\{-\{-{\rm ln}\ p\}^{\alpha}\}$</tex-math>, 0 < α < 1, which is regressive, s-shaped, and with an invariant fixed point and inflection point at 1/e = .37.
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|a Copyright 1998 Econometric Society
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|a Expected Utility Theory
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|a Non-Expected Utility Theory
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|a Prospect Theory
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|a Allais Paradox
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|a Mathematics
|x Mathematical expressions
|x Mathematical functions
|x Weighting functions
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| 650 |
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4 |
|a Mathematics
|x Pure mathematics
|x Probability theory
|x Randomness
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| 650 |
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|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk aversion
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| 650 |
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4 |
|a Mathematics
|x Pure mathematics
|x Geometry
|x Geometric properties
|x Concavity
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| 650 |
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4 |
|a Information science
|x Information search and retrieval
|x Information search
|x Search strategies
|x Term weighting
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| 650 |
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4 |
|a Mathematics
|x Mathematical values
|x Critical values
|x Inflection points
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| 650 |
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4 |
|a Mathematics
|x Mathematical expressions
|x Mathematical functions
|x Transcendental functions
|x Power functions
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| 650 |
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4 |
|a Mathematics
|x Pure mathematics
|x Geometry
|x Geometric properties
|x Convexity
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| 650 |
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4 |
|a Philosophy
|x Logic
|x Logical topics
|x Formal logic
|x Mathematical logic
|x Denotational semantics
|x Mathematical linearity
|x Nonlinearity
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| 650 |
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4 |
|a Economics
|x Microeconomics
|x Economic utility
|x Expected utility
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| 655 |
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|a research-article
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| 773 |
0 |
8 |
|i Enthalten in
|t Econometrica
|d Wiley
|g 66(1998), 3, Seite 497-527
|w (DE-627)270425721
|w (DE-600)1477253-X
|x 14680262
|7 nnns
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| 773 |
1 |
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|g volume:66
|g year:1998
|g number:3
|g pages:497-527
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4 |
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|u https://www.jstor.org/stable/2998573
|3 Volltext
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|u https://doi.org/10.2307/2998573
|3 Volltext
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|a AR
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|d 66
|j 1998
|e 3
|h 497-527
|