This paper studies the effect of the space (distance) between lotteries' outcomes on risk-taking behavior and the shape of estimated utility and probability weighting functions. Previously investigated experimental data shows a significant space effect in the gain domain. As compared to low spaced lotteries, high spaced lotteries are associated with higher risk aversion for high probabilities o...

Levy and Levy (Management Science 2002) present data that, according to their claims, violate prospect theory. They suggest that prospect theory’s hypothesis of an S-shaped value function, concave for gains and convex for losses, is incorrect. However, all the data of Levy and Levy are perfectly consistent with the predictions of prospect theory, as can be verified by simply applying prospect t...

Textbooks play a crucial role in English language teaching and learning. One of the methods for selecting the most appropriate textbook for a particular educational purpose is comparing two or several similar textbooks with each other. Textbook evaluation can provide useful information about the strengths and weaknesses of textbooks and can lead to the selection of the most suitable materials f...

This paper proposes a modified model based on the PROSPECT-5 model to simulate the spectral reflectance of copper-stressed leaves. Compared with PROSPECT-5, the modified model adds the copper content of leaves as one of input variables, and the specific absorption coefficient related to copper (Kcu) was estimated and fixed in the modified model. The specific absorption coefficients of other bio...

We study asset prices in an economy where investors derive direct utility not. Our model is influenced by prospect theory and by experimental evidence on how.We study asset prices in an economy where investors derive direct utility not. Of our model is influenced by prospect theory and by experimental evidence on.PROSPECT THEORY AND ASSET PRICES Authors: N. The point of this note is to explain ...

Cumulative Prospect Theory of Tversky and Kahneman (1992) is the modern version of Prospect Theory (Kahneman and Tversky (1979)) and is nowadays considered a valid alternative to the classical Expected Utility Theory. Cumulative Prospect theory implies Gain-Loss Separability, i.e. the separate evaluation of losses and gains within a mixed gamble. Recently, some authors have questioned this assu...

According to prospect-refuge theory, humans prefer environments that afford protection from threat (refuge), but also provide large fields of view (prospect). Prospect-refuge theory in the past has traditionally only been applied to humans, but many of the same contingencies governing spatial preference ought to also hold true in animals. The focus of this study was to examine if this phenomena...

Entrepreneurship has been a topical issue in the business administration literature, but in the past decade a wave of interest can be observed on the role of entrepreneurship in the economic growth literature. This paper aims to highlight the various contributions to the entrepreneurship literature from the perspective of regional economic development. After a broad overview, particular attenti...

Cardiac resynchronization therapy (CRT) is the most successful therapy in treating chronic heart failure patients since the introduction of b-blockers, angiotensin-converting enzyme (ACE) inhibitors, and spironolactone into the therapeutic regimen. Recent studies (REVERSE, MADIT-CRT) will probably expand the indication for CRT to mild and asymptomatic heart failure patients [New York Heart Asso...

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 ...