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The expo-power value function as a candidate for the work-horse specification in parametric versions of cumulative prospect theory

Peel, D and Zhang, J (2009) The expo-power value function as a candidate for the work-horse specification in parametric versions of cumulative prospect theory. Economics Letters, 105 (3). pp. 326-329. ISSN 0165-1765

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    Abstract

    The piecewise power value function proposed by Kahneman and Tversky is inconsistent with both theoretical and experimental work. We propose the expo-power function as an alternative to the power function and examine its ability to explain choices in Allais experiments.

    Item Type: Article
    Journal or Publication Title: Economics Letters
    Subjects: UNSPECIFIED
    Departments: Lancaster University Management School > Economics
    Lancaster University Management School > Institute for Enterprise & Entrepeneurial Development (IEED)
    ID Code: 45565
    Deposited By: ep_importer_pure
    Deposited On: 11 Jul 2011 19:34
    Refereed?: No
    Published?: Published
    Last Modified: 09 Apr 2014 22:33
    Identification Number:
    URI: http://eprints.lancs.ac.uk/id/eprint/45565

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