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|a (DE-627)JST056270038
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|a (JST)20110711
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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 Resolving Inconsistencies in Utility Measurement under Risk: Tests of Generalizations of Expected Utility
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|c 2007
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
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|a This paper explores inconsistencies that occur in utility measurement under risk when expected utility theory is assumed and the contribution that prospect theory and some other generalizations of expected utility can make to the resolution of these inconsistencies. We used five methods to measure utilities under risk and found clear violations of expected utility. Of the theories studied, prospect theory was the most consistent with our data. The main improvement of prospect theory over expected utility was in comparisons between a riskless and a risky prospect (riskless-risk methods). We observed no improvement over expected utility in comparisons between two risky prospects (risk-risk methods). An explanation for the latter observation may be that there was less distortion in probability weighting in the interval [0.10, 0.20] than has commonly been observed.
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|a Copyright 2007 INFORMS
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|a utility measurement
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|a nonexpected utility
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|a prospect theory
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|a health
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|a Economics
|x Microeconomics
|x Economic utility
|x Expected utility
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|a Behavioral sciences
|x Behavioral economics
|x Prospect theory
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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 Behavioral sciences
|x Behavioral economics
|x Prospect theory
|x Loss aversion
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|a Behavioral sciences
|x Psychology
|x Cognitive psychology
|x Cognitive processes
|x Decision making
|x Decision analysis
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|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Descriptive statistics
|x Central tendencies
|x Statistical median
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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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|
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|a Economics
|x Microeconomics
|x Economic utility
|x Utility functions
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650 |
|
4 |
|a Mathematics
|x Mathematical expressions
|x Mathematical functions
|x Weighting functions
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650 |
|
4 |
|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Statistical models
|x Parametric models
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650 |
|
4 |
|a Economics
|x Microeconomics
|x Economic utility
|x Expected utility
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650 |
|
4 |
|a Behavioral sciences
|x Behavioral economics
|x Prospect theory
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650 |
|
4 |
|a Information science
|x Information search and retrieval
|x Information search
|x Search strategies
|x Term weighting
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650 |
|
4 |
|a Behavioral sciences
|x Behavioral economics
|x Prospect theory
|x Loss aversion
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650 |
|
4 |
|a Behavioral sciences
|x Psychology
|x Cognitive psychology
|x Cognitive processes
|x Decision making
|x Decision analysis
|
650 |
|
4 |
|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Descriptive statistics
|x Central tendencies
|x Statistical median
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650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk aversion
|
650 |
|
4 |
|a Economics
|x Microeconomics
|x Economic utility
|x Utility functions
|
650 |
|
4 |
|a Mathematics
|x Mathematical expressions
|x Mathematical functions
|x Weighting functions
|
650 |
|
4 |
|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Statistical models
|x Parametric models
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|a research-article
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|a Abellan-Perpiñan, Jose Maria
|e verfasserin
|4 aut
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|a Pinto-Prades, Jose Luis
|e verfasserin
|4 aut
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1 |
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|a Mendez-Martinez, Ildefonso
|e verfasserin
|4 aut
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|i Enthalten in
|t Management Science
|d Institute for Operations Research and the Management Sciences, 1954
|g 53(2007), 3, Seite 469-482
|w (DE-627)320623602
|w (DE-600)2023019-9
|x 15265501
|7 nnns
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1 |
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|g volume:53
|g year:2007
|g number:3
|g pages:469-482
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|u https://www.jstor.org/stable/20110711
|3 Volltext
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|d 53
|j 2007
|e 3
|h 469-482
|