Expectations, Disappointment, and Rank-Dependent Probability Weighting
| Autor: | Philippe Delquié, Alessandra Cillo |
|---|---|
| Rok vydání: | 2006 |
| Předmět: |
PROBABILITY WEIGHTING
Structure (mathematical logic) Disappointment EXPECTED UTILITY VIOLATIONS Rank (computer programming) General Social Sciences General Decision Sciences DISAPPOINTMENT THEORY EXPECTED UTILITY VIOLATIONS PROBABILITY WEIGHTING Outcome (game theory) Computer Science Applications Weighting Lottery Arts and Humanities (miscellaneous) Developmental and Educational Psychology Econometrics medicine Normative DISAPPOINTMENT THEORY medicine.symptom Psychology General Economics Econometrics and Finance Applied Psychology Expected utility hypothesis |
| Zdroj: | Theory and Decision. 60:193-206 |
| ISSN: | 1573-7187 0040-5833 |
| DOI: | 10.1007/s11238-005-4571-3 |
| Popis: | We develop a model of Disappointment in which disappointment and elation arise from comparing the outcome received, not with an expected value as in previous models, but rather with the other individual outcomes of the lottery. This approach may better reflect the way individuals are liable to experience disappointment. The model obtained accounts for classic behavioral deviations from the normative theory, offers a richer structure than previous disappointment models, and leads to a Rank-Dependent Utility formulation in a transparent way. Thus, our disappointment model may provide a clear psychological rationale for the subjective transformation of probabilities. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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