Third-generation prospect theory

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Third-generation prospect theory

We present a new theory of decision under uncertainty: third-generation prospect theory (PT). This retains the predictive power of previous versions of prospect theory, but extends that theory by allowing reference points to be uncertain while decision weights are specified in a rank-dependent way. We show that PT preferences respect a state-conditional form of stochastic dominance. The theory ...

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ژورنال

عنوان ژورنال: Journal of Risk and Uncertainty

سال: 2008

ISSN: 0895-5646,1573-0476

DOI: 10.1007/s11166-008-9040-2