A simple derivation of Prelec's probability weighting function
A simple derivation of Prelec's probability weighting function
复制标题
DOI：
10.1016/j.jmp.2006.07.006
复制
发表时间：
2006-12-01
影响因子：
1.8
通讯作者：
Dhami, Sanjit
中科院分区：
文献类型：
--
作者：
al-Nowaihi, Ali;Dhami, Sanjit
自Kahneman和Tversky[(1979)]。前景理论：对风险下决策的分析。计量经济学，47,263-291]，人们普遍认为决策者超重低概率。在已经提出的几个权重函数中，Prelec[(1998)]的权重函数。概率加权函数。《计量经济学》（Econometrica, 60, 497-528）的吸引力在于它简洁，与许多现有的经验证据一致，并具有公理基础。卢斯[(2001)。约简不变性和Prelec的加权函数。数学心理学杂志，45,167-179]提供了一个基于Prelec的简化不变性而不是复合不变性的更简单的推导[(1998)]。概率加权函数。计量经济学，2006,27(6):557 - 558。本文介绍了一个行为假设，我们称之为幂不变性，并提供了Prelec函数的一个简单推导。因此，我们有三个先验的不同的行为假设都导致Prelec的功能。(c) 2006爱思唯尔公司版权所有。
Since Kahneman and Tversky [(1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, 263-291], it has been generally recognized that decision makers overweight low probabilities. Of the several weighting functions that have been proposed, that of Prelec [(1998). The probability weighting function. Econometrica, 60, 497-528] has the attractions that it is parsimonious, consistent with much of the available empirical evidence and has an axiomatic foundation. Luce [(2001). Reduction invariance and Prelec's weighting functions. Journal of Mathematical Psychology, 45, 167-179] provided a simpler derivation based on reduction invariance, rather than compound invariance of Prelec [(1998). The probability weighting function. Econometrica, 60, 497-528]. This note introduces a behavioral assumption that we call power invariance and provides a simple derivation of Prelec's function. Thus, we have three a priori different behavioral assumptions all leading to Prelec's function. (c) 2006 Elsevier Inc. All rights reserved.