Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/52592
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dc.contributor.authorKaivanto, Kimen_US
dc.date.accessioned2011-12-07T14:52:26Z-
dc.date.available2011-12-07T14:52:26Z-
dc.date.issued2008-
dc.identifier.citation|eAbdellaoui, Mohammed |eHey, John D. |tAdvances in Decision Making Under Risk and Uncertainty |bTheory and Decision Library C |x42 |nSpringer-Verlag |lBerlin, Heidelberg |y2008 |p91-107en_US
dc.identifier.urihttp://hdl.handle.net/10419/52592-
dc.description.abstractTwo recently published studies argue that conventional parameterizations of cumulative prospect theory (CPT) fail to resolve the St. Petersburg Paradox. Yet as a descriptive theory CPT is not intended to account for the local representativeness effect, which is known to induce 'alternation bias' on binary iid sequences such as those generated by coin tossing in St. Petersburg gambles. Once alternation bias is controlled for, conventional parameterizations of CPT yield finite certainty equivalents for the St. Petersburg gamble, negating the suggested need for reparameterization. Moreover, the associated willingness to pay estimates fall within the generally accepted empirical range.en_US
dc.description.otherChapter 6en_US
dc.language.isoengen_US
dc.publisher|aZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |cKiel und Hamburg-
dc.subject.jelD81en_US
dc.subject.jelD84en_US
dc.subject.ddc330-
dc.subject.keywordSt. Petersburg Paradoxen_US
dc.subject.keywordCumulative Prospect Theoryen_US
dc.subject.keywordLocal Representativeness Effecten_US
dc.subject.keywordAlternation Biasen_US
dc.subject.keywordLaw of Small Numbersen_US
dc.subject.stwDecision under risken_US
dc.subject.stwExpected utilityen_US
dc.subject.stwBiasen_US
dc.titleAlternation Bias and the Parameterization of Cumulative Prospect Theoryen_US
dc.typeBook Parten_US
dc.identifier.ppn791264912-
dc.identifier.repecRePEc:zbw:espost:52592-

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