메뉴 건너뛰기




Volumn 45, Issue 2, 2012, Pages 97-113

A genuine foundation for prospect theory

Author keywords

Diminishing sensitivity; Prospect theory; Reference dependence; Reference point; Utility

Indexed keywords


EID: 84867097667     PISSN: 08955646     EISSN: 15730476     Source Type: Journal    
DOI: 10.1007/s11166-012-9150-8     Document Type: Article
Times cited : (24)

References (79)
  • 1
    • 0000341006 scopus 로고    scopus 로고
    • Parameter-free elicitation of utility and probability weighting functions
    • Abdellaoui, M. (2000). Parameter-free elicitation of utility and probability weighting functions. Management Science, 46, 1497-1512.
    • (2000) Management Science , vol.46 , pp. 1497-1512
    • Abdellaoui, M.1
  • 2
    • 0036217421 scopus 로고    scopus 로고
    • A genuine rank-dependent generalization of the von Neumann-Morgenstern expected utility theorem
    • Abdellaoui, M. (2002). A genuine rank-dependent generalization of the von Neumann-Morgenstern expected utility theorem. Econometrica, 70, 717-736.
    • (2002) Econometrica , vol.70 , pp. 717-736
    • Abdellaoui, M.1
  • 3
    • 44649164961 scopus 로고    scopus 로고
    • A tractable method to measure utility and loss aversion under prospect theory
    • Abdellaoui, M., Bleichrodt H., l'Haridon O. (2008). A tractable method to measure utility and loss aversion under prospect theory. Journal of Risk and Uncertainty, 36, 245-266.
    • (2008) Journal of Risk and Uncertainty , vol.36 , pp. 245-266
    • Abdellaoui, M.1    Bleichrodt, H.2    l'Haridon, O.3
  • 4
    • 38549139136 scopus 로고    scopus 로고
    • Measuring loss aversion under prospect theory: A parameter-free approach
    • Abdellaoui, M., Bleichrodt, H., Paraschiv, C. (2007). Measuring loss aversion under prospect theory: a parameter-free approach. Management Science, 53, 1659-1674.
    • (2007) Management Science , vol.53 , pp. 1659-1674
    • Abdellaoui, M.1    Bleichrodt, H.2    Paraschiv, C.3
  • 5
    • 77954142749 scopus 로고    scopus 로고
    • Separating curvature and elevation: A parametric probability weighting function
    • Abdellaoui, M., l'Haridon, O., Zank, H. (2010). Separating curvature and elevation: a parametric probability weighting function. Journal of Risk and Uncertainty, 41, 39-65.
    • (2010) Journal of Risk and Uncertainty , vol.41 , pp. 39-65
    • Abdellaoui, M.1    l'Haridon, O.2    Zank, H.3
  • 6
    • 25844486659 scopus 로고    scopus 로고
    • Choice-based elicitation and decomposition of decision weights for gains and losses under uncertainty
    • Abdellaoui, M., Vossmann, F., Weber, M. (2005). Choice-based elicitation and decomposition of decision weights for gains and losses under uncertainty. Management Science, 51, 1384-1399.
    • (2005) Management Science , vol.51 , pp. 1384-1399
    • Abdellaoui, M.1    Vossmann, F.2    Weber, M.3
  • 7
    • 26444444053 scopus 로고    scopus 로고
    • The likelihood method for decision under uncertainty
    • Abdellaoui, M., & Wakker, P. P. (2005). The likelihood method for decision under uncertainty. Theory and Decision, 58, 3-76.
    • (2005) Theory and Decision , vol.58 , pp. 3-76
    • Abdellaoui, M.1    Wakker, P.P.2
  • 11
    • 0003105343 scopus 로고
    • Testing between alternative models of choice under uncertainty: Some initial results
    • Battalio, R. C., Kagel, J. H., Jiranyakul, K. (1990). Testing between alternative models of choice under uncertainty: some initial results. Journal of Risk and Uncertainty, 3, 25-50.
    • (1990) Journal of Risk and Uncertainty , vol.3 , pp. 25-50
    • Battalio, R.C.1    Kagel, J.H.2    Jiranyakul, K.3
  • 12
    • 0020183162 scopus 로고
    • Regret in decision making under uncertainty
    • Bell, D. E. (1982). Regret in decision making under uncertainty. Operations Research, 30, 961-981.
    • (1982) Operations Research , vol.30 , pp. 961-981
    • Bell, D.E.1
  • 13
    • 0035521143 scopus 로고    scopus 로고
    • Making descriptive use of prospect theory to improve the prescriptive use of expected utility
    • Bleichrodt, H., Pinto, J. L., Wakker, P. P. (2001). Making descriptive use of prospect theory to improve the prescriptive use of expected utility. Management Science, 47, 1498-1514.
    • (2001) Management Science , vol.47 , pp. 1498-1514
    • Bleichrodt, H.1    Pinto, J.L.2    Wakker, P.P.3
  • 15
    • 38249036382 scopus 로고
    • Reflection of transitive and intransitive preferences: A test of prospect theory
    • Budescu, D. V., & Weiss, W. (1987). Reflection of transitive and intransitive preferences: a test of prospect theory. Organizational Behavior and Human Decision Processes, 39, 184-202.
    • (1987) Organizational Behavior and Human Decision Processes , vol.39 , pp. 184-202
    • Budescu, D.V.1    Weiss, W.2
  • 16
    • 0003139662 scopus 로고
    • An experimental test of several generalized utility theories
    • Camerer, C. F. (1989). An experimental test of several generalized utility theories. Journal of Risk and Uncertainty, 2, 61-104.
    • (1989) Journal of Risk and Uncertainty , vol.2 , pp. 61-104
    • Camerer, C.F.1
  • 17
    • 0000233556 scopus 로고    scopus 로고
    • Bounded rationality in individual decision making
    • Camerer, C. F. (1998). Bounded rationality in individual decision making. Experimental Economics, 1, 163-183.
    • (1998) Experimental Economics , vol.1 , pp. 163-183
    • Camerer, C.F.1
  • 19
    • 0002333323 scopus 로고    scopus 로고
    • Comonotonicity axioms and rank-dependent expected utility for arbitrary consequences
    • Chateauneuf, A. (1999). Comonotonicity axioms and rank-dependent expected utility for arbitrary consequences. Journal of Mathematical Economics, 32, 21-45.
    • (1999) Journal of Mathematical Economics , vol.32 , pp. 21-45
    • Chateauneuf, A.1
  • 20
    • 0033455867 scopus 로고    scopus 로고
    • An axiomatization of cumulative prospect theory for decision under risk
    • Chateauneuf, A., & Wakker, P. P. (1999). An axiomatization of cumulative prospect theory for decision under risk. Journal of Risk and Uncertainty, 18, 137-145.
    • (1999) Journal of Risk and Uncertainty , vol.18 , pp. 137-145
    • Chateauneuf, A.1    Wakker, P.P.2
  • 21
    • 33646366703 scopus 로고    scopus 로고
    • Event exchangeability: Probabilistic sophistication without continuity or monotonicity
    • Chew, S. H., & Sagi, J. S. (2006). Event exchangeability: probabilistic sophistication without continuity or monotonicity. Econometrica, 74, 771-786.
    • (2006) Econometrica , vol.74 , pp. 771-786
    • Chew, S.H.1    Sagi, J.S.2
  • 23
    • 33746896990 scopus 로고    scopus 로고
    • Frames, biases, and rational decision-making in the human brain
    • de Martino, B., Kumaran, D., Seymour, B., Dolan, R. J. (2006). Frames, biases, and rational decision-making in the human brain. Science, 313, 684-687.
    • (2006) Science , vol.313 , pp. 684-687
    • de Martino, B.1    Kumaran, D.2    Seymour, B.3    Dolan, R.J.4
  • 25
    • 0000130931 scopus 로고
    • Probability-preferences in gambling
    • Edwards, W. (1953). Probability-preferences in gambling. American Journal of Psychology, 66, 349-364.
    • (1953) American Journal of Psychology , vol.66 , pp. 349-364
    • Edwards, W.1
  • 26
    • 0043283259 scopus 로고
    • Probability-preferences among bets with differing expected values
    • Edwards, W. (1954). Probability-preferences among bets with differing expected values. American Journal of Psychology, 67, 56-67.
    • (1954) American Journal of Psychology , vol.67 , pp. 56-67
    • Edwards, W.1
  • 27
    • 3543005398 scopus 로고    scopus 로고
    • Is probability weighting sensitive to the magnitude of consequences? An experimental investigation on losses
    • Etchart-Vincent, N. (2004). Is probability weighting sensitive to the magnitude of consequences? An experimental investigation on losses. Journal of Risk and Uncertainty, 28, 217-235.
    • (2004) Journal of Risk and Uncertainty , vol.28 , pp. 217-235
    • Etchart-Vincent, N.1
  • 28
    • 70349744945 scopus 로고    scopus 로고
    • Reference-dependent preferences and labor supply: the case of new york city taxi drivers
    • Farber, H. S. (2008). Reference-dependent preferences and labor supply: The case of new york city taxi drivers. American Economic Review, 98, 1069-1082.
    • (2008) American Economic Review , vol.98 , pp. 1069-1082
    • Farber, H.S.1
  • 29
    • 0032252483 scopus 로고    scopus 로고
    • Measuring the utility for losses by means of the tradeoff method
    • Fennema, H., & van Assen, M. (1999). Measuring the utility for losses by means of the tradeoff method. Journal of Risk and Uncertainty, 17, 277-295.
    • (1999) Journal of Risk and Uncertainty , vol.17 , pp. 277-295
    • Fennema, H.1    van Assen, M.2
  • 30
    • 33847343433 scopus 로고    scopus 로고
    • Advancing beyond Advances in behavioral economics
    • Fudenberg, D. (2006). Advancing beyond Advances in behavioral economics. Journal of Economic Literature, 44, 694-711.
    • (2006) Journal of Economic Literature , vol.44 , pp. 694-711
    • Fudenberg, D.1
  • 31
    • 0002560703 scopus 로고
    • Expected utility with purely subjective non-additive probabilities
    • Gilboa, I. (1987). Expected utility with purely subjective non-additive probabilities. Journal of Mathematical Economics, 16, 65-88.
    • (1987) Journal of Mathematical Economics , vol.16 , pp. 65-88
    • Gilboa, I.1
  • 32
    • 0000823520 scopus 로고
    • A theory of disappointment aversion
    • Gul, F. (1991). A theory of disappointment aversion. Econometrica, 59, 667-686.
    • (1991) Econometrica , vol.59 , pp. 667-686
    • Gul, F.1
  • 33
    • 0000063149 scopus 로고
    • Probability versus certainty equivalence methods in utility measurement: Are they equivalent?
    • Hershey, J. C., & Schoemaker, P. J. H. (1985). Probability versus certainty equivalence methods in utility measurement: are they equivalent? Management Science, 31, 1213-1231.
    • (1985) Management Science , vol.31 , pp. 1213-1231
    • Hershey, J.C.1    Schoemaker, P.J.H.2
  • 34
    • 0001185870 scopus 로고
    • Venture theory: A model of decision weights
    • Hogarth, R. M., & Einhorn, H. J. (1990). Venture theory: a model of decision weights. Management Science, 36, 780-803.
    • (1990) Management Science , vol.36 , pp. 780-803
    • Hogarth, R.M.1    Einhorn, H.J.2
  • 36
    • 84936526580 scopus 로고
    • Experimental tests of the endowment effect and the Coase theorem
    • Kahneman, D., Knetsch, J. L., Thaler, R. H. (1990). Experimental tests of the endowment effect and the Coase theorem. Journal of Political Economy, 98, 1325-1348.
    • (1990) Journal of Political Economy , vol.98 , pp. 1325-1348
    • Kahneman, D.1    Knetsch, J.L.2    Thaler, R.H.3
  • 37
    • 0000125532 scopus 로고
    • Prospect theory: An analysis of decision under risk
    • Kahneman, D., & Tversky, A. (1979). Prospect theory: an analysis of decision under risk. Econometrica, 47, 263-291.
    • (1979) Econometrica , vol.47 , pp. 263-291
    • Kahneman, D.1    Tversky, A.2
  • 39
    • 0141517283 scopus 로고    scopus 로고
    • Preference foundations for nonexpected utility: A generalized and simplified technique
    • Köbberling, V., & Wakker, P. P. (2003). Preference foundations for nonexpected utility: a generalized and simplified technique. Mathematics of Operations Research, 28, 395-423.
    • (2003) Mathematics of Operations Research , vol.28 , pp. 395-423
    • Köbberling, V.1    Wakker, P.P.2
  • 40
    • 33646349613 scopus 로고    scopus 로고
    • A model of reference-dependent preferences
    • Köszegi, B., & Rabin, M. (2006). A model of reference-dependent preferences. Quarterly Journal of Economics, 121, 1133-1165.
    • (2006) Quarterly Journal of Economics , vol.121 , pp. 1133-1165
    • Köszegi, B.1    Rabin, M.2
  • 41
    • 35348884340 scopus 로고    scopus 로고
    • Reference-dependent risk attitudes
    • Köszegi, B., & Rabin, M. (2007). Reference-dependent risk attitudes. American Economic Review, 97, 1047-1073.
    • (2007) American Economic Review , vol.97 , pp. 1047-1073
    • Köszegi, B.1    Rabin, M.2
  • 42
    • 77954537909 scopus 로고    scopus 로고
    • Utility from anticipation and personal equilibrium
    • Köszegi, B. (2010). Utility from anticipation and personal equilibrium. Economic Theory, 44, 415-444.
    • (2010) Economic Theory , vol.44 , pp. 415-444
    • Köszegi, B.1
  • 43
    • 79955825403 scopus 로고    scopus 로고
    • Prospect theory for continuous distributions: A preference foundation
    • Kothiyal, A., Spinu, V., Wakker, P. P. (2011). Prospect theory for continuous distributions: a preference foundation. Journal of Risk and Uncertainty, 42, 195-210.
    • (2011) Journal of Risk and Uncertainty , vol.42 , pp. 195-210
    • Kothiyal, A.1    Spinu, V.2    Wakker, P.P.3
  • 44
    • 0000133332 scopus 로고
    • A bias in the prediction of tastes
    • Loewenstein, G. F., & Adler, D. (1995). A bias in the prediction of tastes. Economic Journal, 105, 929-937.
    • (1995) Economic Journal , vol.105 , pp. 929-937
    • Loewenstein, G.F.1    Adler, D.2
  • 45
    • 0000923828 scopus 로고
    • Regret theory: An alternative theory of rational choice under uncertainty
    • Loomes, G., & Sugden, R. (1982). Regret theory: an alternative theory of rational choice under uncertainty. Economic Journal, 92, 805-824.
    • (1982) Economic Journal , vol.92 , pp. 805-824
    • Loomes, G.1    Sugden, R.2
  • 46
    • 0003138928 scopus 로고
    • Rank-and-sign dependent linear utility models for binary gambles
    • Luce, R. D. (1991). Rank-and-sign dependent linear utility models for binary gambles. Journal of Economic Theory, 53, 75-100.
    • (1991) Journal of Economic Theory , vol.53 , pp. 75-100
    • Luce, R.D.1
  • 48
    • 0002408974 scopus 로고
    • Rank- and sign-dependent linear utility models for finite first-order gambles
    • Luce, R. D., & Fishburn, P. C. (1991). Rank- and sign-dependent linear utility models for finite first-order gambles. Journal of Risk and Uncertainty, 4, 29-59.
    • (1991) Journal of Risk and Uncertainty , vol.4 , pp. 29-59
    • Luce, R.D.1    Fishburn, P.C.2
  • 49
    • 0001268165 scopus 로고
    • A more robust definition of subjective probability
    • Machina, M. J., & Schmeidler, D. (1992). A more robust definition of subjective probability. Econometrica, 60, 745-780.
    • (1992) Econometrica , vol.60 , pp. 745-780
    • Machina, M.J.1    Schmeidler, D.2
  • 50
    • 15244353369 scopus 로고    scopus 로고
    • It is whether you win or lose: The importance of the overall probabilities of winning or losing in risky choice
    • Payne, J. W. (2005). It is whether you win or lose: the importance of the overall probabilities of winning or losing in risky choice. Journal of Risk and Uncertainty, 30, 5-19.
    • (2005) Journal of Risk and Uncertainty , vol.30 , pp. 5-19
    • Payne, J.W.1
  • 51
    • 0142063499 scopus 로고    scopus 로고
    • The shape of utility functions and organizational behavior
    • Pennings, J. M. E., & Smidts, A. (2003). The shape of utility functions and organizational behavior. Management Science, 49, 1251-1263.
    • (2003) Management Science , vol.49 , pp. 1251-1263
    • Pennings, J.M.E.1    Smidts, A.2
  • 53
    • 84855527568 scopus 로고    scopus 로고
    • A preference foundation for constant loss aversion
    • Peters, H. J. M. (2012). A preference foundation for constant loss aversion. Journal of Mathematical Economics, 48, 21-25.
    • (2012) Journal of Mathematical Economics , vol.48 , pp. 21-25
    • Peters, H.J.M.1
  • 56
    • 0001333688 scopus 로고
    • Subjective probability and expected utility without additivity
    • Schmeidler, D. (1989). Subjective probability and expected utility without additivity. Econometrica, 57, 571-587.
    • (1989) Econometrica , vol.57 , pp. 571-587
    • Schmeidler, D.1
  • 57
    • 0037497060 scopus 로고    scopus 로고
    • Reference-dependence in cumulative prospect theory
    • Schmidt, U. (2003). Reference-dependence in cumulative prospect theory. Journal of Mathematical Psychology, 47, 122-131.
    • (2003) Journal of Mathematical Psychology , vol.47 , pp. 122-131
    • Schmidt, U.1
  • 61
    • 38849152926 scopus 로고    scopus 로고
    • Risk aversion in cumulative prospect theory
    • Schmidt, U., & Zank, H. (2008). Risk aversion in cumulative prospect theory. Management Science, 54, 208-216.
    • (2008) Management Science , vol.54 , pp. 208-216
    • Schmidt, U.1    Zank, H.2
  • 62
    • 60449112427 scopus 로고    scopus 로고
    • A simple model of cumulative prospect theory
    • Schmidt, U., & Zank, H. (2009). A simple model of cumulative prospect theory. Journal of Mathematical Economics, 45, 308-319.
    • (2009) Journal of Mathematical Economics , vol.45 , pp. 308-319
    • Schmidt, U.1    Zank, H.2
  • 64
    • 0036558770 scopus 로고    scopus 로고
    • Loss aversion and bargaining
    • Shalev, J. (2002). Loss aversion and bargaining. Theory and Decision, 52, 201-232.
    • (2002) Theory and Decision , vol.52 , pp. 201-232
    • Shalev, J.1
  • 65
    • 0042730516 scopus 로고    scopus 로고
    • Reference-dependent subjective expected utility
    • Sugden, R. (2003). Reference-dependent subjective expected utility. Journal of Economic Theory, 111, 172-191.
    • (2003) Journal of Economic Theory , vol.111 , pp. 172-191
    • Sugden, R.1
  • 67
    • 0001076162 scopus 로고
    • Loss aversion in riskless choice: A reference-dependent model
    • Tversky, A., & Kahneman, D. (1991). Loss aversion in riskless choice: a reference-dependent model. Quarterly Journal of Economics, 56, 1039-1061.
    • (1991) Quarterly Journal of Economics , vol.56 , pp. 1039-1061
    • Tversky, A.1    Kahneman, D.2
  • 68
    • 31744450082 scopus 로고
    • Advances in prospect theory: Cumulative representation of uncertainty
    • Tversky, A., & Kahneman, D. (1992). Advances in prospect theory: cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5, 297-323.
    • (1992) Journal of Risk and Uncertainty , vol.5 , pp. 297-323
    • Tversky, A.1    Kahneman, D.2
  • 69
    • 33745913943 scopus 로고    scopus 로고
    • Exploring the reference point in prospect theory: Gambles for length of life
    • van Osch, S. M. C., van den Hout, W. B., Stiggelbout, A. M. (2006). Exploring the reference point in prospect theory: gambles for length of life. Medical Decision Making, 26, 338-346.
    • (2006) Medical Decision Making , vol.26 , pp. 338-346
    • van Osch, S.M.C.1    van den Hout, W.B.2    Stiggelbout, A.M.3
  • 70
    • 84856725834 scopus 로고    scopus 로고
    • Reference-dependent valuations of risk: Why willingness-to-accept exceeds willingness-to-pay
    • Viscusi, W. K., & Huber, J. C. (2012). Reference-dependent valuations of risk: why willingness-to-accept exceeds willingness-to-pay. Journal of Risk and Uncertainty, 44, 19-44.
    • (2012) Journal of Risk and Uncertainty , vol.44 , pp. 19-44
    • Viscusi, W.K.1    Huber, J.C.2
  • 71
    • 0001168742 scopus 로고
    • An investigation of the rationality of consumer valuations of multiple health risks
    • Viscusi, W. K., Magat, W. A., Huber, J. C. (1987). An investigation of the rationality of consumer valuations of multiple health risks. The Rand Journal of Economics, 18, 465-479.
    • (1987) The Rand Journal of Economics , vol.18 , pp. 465-479
    • Viscusi, W.K.1    Magat, W.A.2    Huber, J.C.3
  • 72
    • 0000602190 scopus 로고
    • Unbounded utility for Savage's "Foundation of statistics", and other models
    • Wakker, P. P. (1993). Unbounded utility for Savage's "Foundation of statistics", and other models. Mathematics of Operations Research, 18, 446-485.
    • (1993) Mathematics of Operations Research , vol.18 , pp. 446-485
    • Wakker, P.P.1
  • 74
    • 0001070381 scopus 로고    scopus 로고
    • Eliciting von Neumann-Morgenstern utilities when probabilities are distorted or unknown
    • Wakker, P. P., & Deneffe, D. (1996). Eliciting von Neumann-Morgenstern utilities when probabilities are distorted or unknown. Management Science, 42, 1131-1150.
    • (1996) Management Science , vol.42 , pp. 1131-1150
    • Wakker, P.P.1    Deneffe, D.2
  • 75
  • 76
    • 0036303028 scopus 로고    scopus 로고
    • A simple preference-foundation of cumulative prospect theory with power utility
    • Wakker, P. P., & Zank, H. (2002). A simple preference-foundation of cumulative prospect theory with power utility. European Economic Review, 46, 1253-1271.
    • (2002) European Economic Review , vol.46 , pp. 1253-1271
    • Wakker, P.P.1    Zank, H.2
  • 77
    • 84904694677 scopus 로고    scopus 로고
    • Foundations for prospect theory through probability midpoint consistency
    • University of Manchester
    • Werner, K. M., & Zank, H. (2012). Foundations for prospect theory through probability midpoint consistency. Economics Discussion Paper 1210, University of Manchester.
    • (2012) Economics Discussion Paper 1210
    • Werner, K.M.1    Zank, H.2
  • 78
    • 0035261809 scopus 로고    scopus 로고
    • Cumulative prospect theory for parametric and multiattribute Utilities
    • Zank, H. (2001). Cumulative prospect theory for parametric and multiattribute Utilities. Mathematics of Operations Research, 26, 67-81.
    • (2001) Mathematics of Operations Research , vol.26 , pp. 67-81
    • Zank, H.1
  • 79
    • 77953703097 scopus 로고    scopus 로고
    • Consistent probability attitudes
    • Zank, H. (2010). Consistent probability attitudes. Economic Theory, 44, 167-185.
    • (2010) Economic Theory , vol.44 , pp. 167-185
    • Zank, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.