Munich Personal RePEc Archive

“Luce problem” and discontinuity of Prelec’s function at p = 1

Harin, Alexander (2015): “Luce problem” and discontinuity of Prelec’s function at p = 1.

[img]
Preview
PDF
MPRA_paper_63672.pdf

Download (93kB) | Preview

Abstract

This short paper is devoted to two items: 1) An analysis of Prelec’s weighting function at the probability p = 1 is highlighted (this analysis was performed by R. Duncan Luce in two articles with Ragnar Steingrimsson and János Aczél and here is referred to as the “Luce problem”). 2) The question of possible discontinuity of Prelec’s weighting function at p = 1 is specially considered, as a manifestation of importance of the “Luce problem.”

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.