Logo
Munich Personal RePEc Archive

Is data interpretation in utility and prospect theories unquestionably correct?

Harin, Alexander (2014): Is data interpretation in utility and prospect theories unquestionably correct?

[img]
Preview
PDF
MPRA_paper_53880.pdf

Download (628kB) | Preview

Abstract

This is a very draft version of the report "The random-lottery incentive system. Can p~1 experiments deductions be correct?". It is published to extend the abstract of the report. Aczél and Luce emphasized a fundamental question: whether W(1)=1 (whether the Prelec weighting function equals 1 at p=1). A purely mathematical theorem proves W(1)<1. Because of this evident "certain-uncertain" inconsistency, the deductions from the random-lottery incentive experiments, those include the certain outcomes, cannot be unquestionably correct.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.