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Is data interpretation in utility and prospect theories unquestionably correct?

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

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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.

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