Prospect Theory

Wakker, P. P. (2010). Prospect Theory: For Risk and Ambiguity. Cambridge University Press.

Type

Book

Intellectual base

Review or monograph

Year

2010

DOI

10.1017/cbo9780511779329

ISBN

9780521765015

Link

https://doi.org/10.1017/CBO9780511779329

Cited by

2 citations across 2 artifacts.

Each citation links to the sentence it supports in the citing article.

Domain-specific

• Cumulative Prospect Theory
  • Formal treatments of prospect theory preserve this distinction because it is essential to dominance and rank dependence.
• Probability Weighting Function
  • Concave utility can produce risk-averse choice while probability remains linear; nonlinear weighting can produce risk-seeking or risk-averse patterns depending on the probability region and outcomes

    This sourceWakker's textbook, which develops expected utility (where risk attitude comes only from utility curvature) and rank-dependent probability weighting in separate parts, establishing the two as distinct sources of risk attitude.

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