Recent experimental studies have focused on fitting parameterized functional forms to cumulative prospect theory's weighting function. This paper examines the behavioral implications of the functional forms and the estimated parameters. We find that none of the parameterizations can simultaneously account for gambling on unlikely gains and the Allais paradox behavior or other strong choice patt...

... we have experimented quite a bit with the core version of the algorithm, and we never found two sets of equilibrium policies for a given set of primitives (we frequently run the algorithm several times using different initial conditions or different orderings of points looking for other equilibria that might exist). We should emphasize here that the core version, and indeed most other versi...