An experimental test of prospect theory for predicting choice under ambiguity

B-Tier
Journal: Journal of Risk and Uncertainty
Year: 2014
Volume: 48
Issue: 1
Pages: 1-17

Authors (3)

Amit Kothiyal (not in RePEc) Vitalie Spinu (not in RePEc) Peter Wakker (Erasmus Universiteit Rotterdam)

Score contribution per author:

0.670 = (α=2.01 / 3 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

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. Copyright Springer Science+Business Media New York 2014

Technical Details

RePEc Handle
repec:kap:jrisku:v:48:y:2014:i:1:p:1-17
Journal Field
Theory
Author Count
3
Added to Database
2026-01-29