... the **theory** of expected ef- ...the **prospect** **theory** may have some limitations in the following two aspects: First of all, the value function and weight function need to be further ...of **prospect** ...

10

... travelers interpret, process and use information on reliability. Descriptive research on travel behavior has found a wealth of empirical evidence concerning travelers’ bounded rationality, cognitive errors and heuristic ...

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... of **prospect** theory’s function space including its sample space ...our **theory** to fair gambles, and report results under various scenarios of probability ...

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... Cumulative **Prospect** **Theory** model pa rameters were derived using two outcome lotteries ...the **theory** to multi outcome lotteries has only been justified by a mathematical proof based on pretty com plex ...

21

... otherwise y” should evoke the same preference order across different decision domains. Accordingly, a 1% chance of losing £300 or a sure loss of £60 and a1% chance of an insurable event of losing £300 or paying £60 for ...

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... Cumulative **Prospect** **Theory** - the idea, which now in view of the models introduced in the preceding sections, makes perfect ...Cumulative **Prospect** **Theory** is shown to combine core elements of ...

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... which **prospect** **theory** (Kahnemann and Tversky (1979, 1992)) is arguably the most comprehensive competing alternative – it is argued that (individuals with) non-expected utility preferences could be persuaded ...

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... Peel, David and David Law, (2007b) "Betting on odds on Favorites as an Optimal Choice in Cumulative **Prospect** **Theory**." Economics Bulletin, Vol. 4, No. 26 pp. 1-10. Rieger, M.0 and T.Bui. (2011) “Too ...

9

... that **prospect** **theory** offers a theoret- ical explanation when focusing on potential entrepre- neurs, who are characterised by loss aversion when comparing the potential gains and losses to their wealth and ...

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... This paper presents an economic analysis of the choices made by lone wolf terrorists. Using RAND-MIPT data about the fatalities that are inflicted by different attack methods, the paper develops an analysis on a ...

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... The solution to the tax evasion problem under **prospect** **theory**, when the probability of detection is …xed, is a bang-bang solution. We would argue that the bang-bang solution seems descriptive of several ...

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... Tversky’s **Prospect** **Theory** (1979), questions the Expected Utility **Theory**, an important element of Neoclassical Economics, as basis for decision- ...

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... Cumulative **Prospect** **Theory** to study an economic agent’s decision making seems to be consistent with adopting new performance ...Cumulative **Prospect** **Theory** may certainly be a better model than ...

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... **Prospect** **theory** was developed to explain anomalies, but as mentioned, some cases leave even **prospect** theorists at a loss for ...the **prospect** of gain may be caused by a tendency to overweight ...

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... One critical issue when applying **prospect** **theory** is determining the reference point. The reference point is usually some aspect of the decision maker’s current stage and is likely to be perceptually salient ...

8

... The **theory** of the tragedy of the commons is used to capture the probability of failure of the CPR, while the **prospect** **theory** is adopted to study the normal and malicious users’ risk-aware behavior in ...

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... the **prospect** **theory** and of hyperbolic time discounting allows us to identify aspects of the relationships between trust and risk and time preferences that could not be uncovered by previous studies using ...

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... to **prospect** **theory**, it would be easier for tourists to forego a discount than to accept a surcharge because the discount framing is perceived as gains and the surcharge frame is perceived as losses (Tversky ...

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... cloud **theory** into solving the issue of the quantitative representation of the qualitative evaluation in power transformer condition ...the **prospect** **theory** and establish the corresponding ...

5

... utility **theory**. In the literature related to **prospect** **theory**, in its original and cumulative versions, and rank dependent utility **theory**, several functional forms of probability weighting ...

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