Teorie očekáváného užitku versus kumulativní prospektová teorie: empirický pohled

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Title:Teorie očekáváného užitku versus kumulativní prospektová teorie: empirický pohled
Creators:
Skořepa, Michal
Journal or Publication Title:
AUCO Czech Economic Review, 1, 2, pp. 180-196
Uncontrolled Keywords:expected utility theory, cumulative prospect theory, decision making under risk, economic experiments, weighting function, value function, rank-dependent decision making, reference-dependent decision making

Abstract

This paper pits expected utility theory and cumulative prospect theory against each other as regards their descriptive accuracy. Some older as well as newer pieces of evidence are described which show that under certain circumstances, expected utility theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented in some detail, including a brief discussion of how it avoids violations of stochastic dominance and how it explains the above evidence. It is pointed out that there are other empirical observations which cannot be explained by cumulative prospect theory either. It is concluded that expected utility theory is likeyl to remain the core instrument for modeling human decision- -making under risk at least in the near future.

Official URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=589A24B7-D005-49C5-93EF-8782D73A778F&articleid=C7615A5B-E4A4-47DE-883A-58F3D22E31F8

Title:Teorie očekáváného užitku versus kumulativní prospektová teorie: empirický pohled
Translated title:Expected Utility Theory versus Cumulative Prospect Theory: An Empirical Approach
Creators:
Skořepa, Michal
Uncontrolled Keywords:expected utility theory, cumulative prospect theory, decision making under risk, economic experiments, weighting function, value function, rank-dependent decision making, reference-dependent decision making
Subjects:H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HF Commerce
Divisions:Section of external journals > AUCO Czech Economic Review
Journal or Publication Title:AUCO Czech Economic Review
Volume:1
Number:2
Page Range:pp. 180-196
ISSN:1802-4696
Publisher:Charles University
Related URLs:
URLURL Type
http://auco.cuni.czPublisher
http://avi.lib.cas.cz/node/183Publisher
ID Code:4305
Item Type:Article
Deposited On:01 Jun 2009 18:32
Last Modified:01 Jun 2009 16:32

Citation

Skořepa, Michal (2007) Teorie očekáváného užitku versus kumulativní prospektová teorie: empirický pohled. AUCO Czech Economic Review, 1 (2). pp. 180-196. ISSN 1802-4696

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