Individual true and error theory assumes that responses by the same person to the same choice problem within a block of trials are based on the same true preferences but may show preference reversals due to random error. Between blocks, a person’s true preferences may differ or stay the same. This theory is illustrated with studies testing two critical properties that distinguish models of risk...

The present study evaluated the learning objectives represented in the recent Iranian nation-wide ELT textbooks, i.e. Prospect and Vision series, and compared them to those in the internationally-published textbook of Four Corners. To this end, Bloom’s revised taxonomy of learning objectives was utilized as the analytical framework to scrutinize the tasks and exercises of the textbooks using a ...

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...

I. I. Fishchuk,1 A. Kadashchuk,2,3 S. T. Hoffmann,4 S. Athanasopoulos,5 J. Genoe,2 H. Bässler,4 and A. Köhler4 1Institute for Nuclear Research, National Academy of Sciences of Ukraine, Prospect Nauky 47, 03680 Kyiv, Ukraine 2IMEC, Kapeldreef 75, B-3001 Leuven, Belgium 3Institute of Physics, National Academy of Sciences of Ukraine, Prospect Nauky 46, 03028 Kyiv, Ukraine 4Experimental Physics II ...

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...

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...