On the Shape of the Probability Weighting Function

Gonzalez, R., & Wu, G. (1999). On the Shape of the Probability Weighting Function. Cognitive Psychology.

Type

Journal article

Intellectual base

Primary research

Year

1999

DOI

10.1006/cogp.1998.0710

DOI registrant

Elsevier

Link

https://doi.org/10.1006/cogp.1998.0710

Cited by

1 citation across 1 artifact.

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Domain-specific

• Probability Weighting Function
  • Its curvature captures sensitivity to changes in p; its elevation captures generally optimistic or pessimistic weighting; its boundary treatment captures possibility and certainty effects

    This sourceGonzalez and Wu, for the two-parameter reading of the weighting function - curvature as how finely a chooser discriminates probabilities, elevation as how attractive gambling appears - established for the domain of gains; the boundary effects are not a third parameter in their account.

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