|
|||||
|
|
An experimental test of prospect theory for predicting choice under ambiguity |
|
| Authors: | Amit Kothiyal Vitalie Spinu Peter P. Wakker |
| Affiliation: | 1. Max Planck Institute for Human Development, Lentzeallee 94, 14195, Berlin, Germany 2. Anderson School of Management, UCLA, 110 Westwood Plaza, Los Angeles, CA, 90095, USA 3. Erasmus School of Economics, Erasmus University, P.O. Box 1738, Rotterdam, 3000 DR, the Netherlands |
| Abstract: | Prospect theory is the most popular theory for predicting decisions under risk. This paper investigates its predictive power for decisions under ambiguity, using its specification through the source method. We find that it outperforms its most popular alternatives, including subjective expected utility, Choquet expected utility, and three multiple priors theories: maxmin expected utility, maxmax expected utility, and a-maxmin expected utility. |
| Keywords: | |
| 本文献已被 SpringerLink 等数据库收录！ | |