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

[img]
Preview
PDF (The expo-power value function as a candidate for the work-horse specification in parametric versions of cumulative prospect theory)
10.pdf - Submitted Version

Download (114kB)

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:
Journal Article
Journal or Publication Title:
Economics Letters
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/2000/2002
Subjects:
ID Code:
45565
Deposited By:
Deposited On:
11 Jul 2011 18:34
Refereed?:
No
Published?:
Published
Last Modified:
24 Nov 2020 01:44