Third-generation prospect theory

被引：3
作者：
Ulrich Schmidt
Chris Starmer
Robert Sugden
机构：
[1] Christian-Albrechts-Universität zu Kiel,Department of Economics
[2] Kiel Institute for the World Economy,School of Economics
[3] University of Nottingham,School of Economics
[4] University of East Anglia,undefined
来源：
Journal of Risk and Uncertainty | 2008年 / 36卷
关键词：
Prospect theory; Preference reversal; Reference dependence; D81;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We present a new theory of decision under uncertainty: third-generation prospect theory (PT3). This retains the predictive power of previous versions of prospect theory, but extends that theory by allowing reference points to be uncertain while decision weights are specified in a rank-dependent way. We show that PT3 preferences respect a state-conditional form of stochastic dominance. The theory predicts the observed tendency for willingness-to-accept valuations of lotteries to be greater than willingness-to-pay valuations. When PT3 is made operational by using simple functional forms with parameter values derived from existing experimental evidence, it predicts observed patterns of the preference reversal phenomenon.
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页码：203 / 223
页数：20
相关论文
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