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|a (JST)2661663
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|a DE-627
|b ger
|c DE-627
|e rakwb
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|a eng
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|a Bleichrodt, Han
|e verfasserin
|4 aut
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|a A Parameter-Free Elicitation of the Probability Weighting Function in Medical Decision Analysis
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|c 2000
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
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|2 rdamedia
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|a An important reason why people violate expected utility theory is probability weighting. Previous studies on the probability weighting function typically assume a specific parametric form, exclude heterogeneity in individual preferences, and exclusively consider monetary decision making. This study presents a method to elicit the probability weighting function in rank-dependent expected utility theory that makes no prior assumptions about the functional form of the probability weighting function. We use both aggregate and individual subject data, thereby allowing for heterogeneity of individual preferences, and we examine probability weighting in a new domain, medical decision making. There is significant evidence of probability weighting both at the aggregate and at the individual subject level. The modal probability weighting function is inverse S-shaped, displaying both lower subadditivity and upper subadditivity. Probability weighting is in particular relevant at the boundaries of the unit interval. Compared to studies involving monetary outcomes, we generally find more elevation of the probability weighting function. The robustness of the empirical findings on probability weighting indicates its importance. Ignoring probability weighting in modeling decision under risk and in utility measurement is likely to lead to descriptively invalid theories and distorted elicitations.
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|a Copyright 2000 INFORMS
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|a Nonexpected Utility
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|a Decision Theory
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|a Probability Weighting
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|a Utility Assessment
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|a Medical Decision Making
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|a Mathematics
|x Mathematical expressions
|x Mathematical functions
|x Weighting functions
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|a Information science
|x Information search and retrieval
|x Information search
|x Search strategies
|x Term weighting
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|a Economics
|x Microeconomics
|x Economic utility
|x Utility functions
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|a Economics
|x Microeconomics
|x Economic utility
|x Expected utility
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|a Behavioral sciences
|x Psychology
|x Cognitive psychology
|x Emotion
|x Emotional states
|x Ambivalence
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|a Mathematics
|x Mathematical procedures
|x Approximation
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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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|a Mathematics
|x Mathematical procedures
|x Approximation
|x Linear approximation
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|a Economics
|x Economic disciplines
|x Financial economics
|x Financial markets
|x Market conditions
|x Economic uncertainty
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|a Mathematics
|x Pure mathematics
|x Geometry
|x Geometric properties
|x Curvature
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|a research-article
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|a Pinto, Jose Luis
|e verfasserin
|4 aut
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0 |
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|i Enthalten in
|t Management Science
|d Institute for Operations Research and the Management Sciences, 1954
|g 46(2000), 11, Seite 1485-1496
|w (DE-627)320623602
|w (DE-600)2023019-9
|x 15265501
|7 nnns
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1 |
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|g volume:46
|g year:2000
|g number:11
|g pages:1485-1496
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|u https://www.jstor.org/stable/2661663
|3 Volltext
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|d 46
|j 2000
|e 11
|h 1485-1496
|