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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Official URL: http://dx.doi.org/10.1016/j.econlet.2009.09.007
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: | 15 Apr 2013 11:58 |
| Identification Number: | |
| URI: | http://eprints.lancs.ac.uk/id/eprint/45565 |
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