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dc.contributor.authorKaivanto, Kimen
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
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
dc.description.otherChapter 6en
dc.language.isoengen
dc.publisher|aSpringer-Verlag |cBerlin, Heidelbergen
dc.subject.jelD81en
dc.subject.jelD84en
dc.subject.ddc330en
dc.subject.keywordSt. Petersburg Paradoxen
dc.subject.keywordCumulative Prospect Theoryen
dc.subject.keywordLocal Representativeness Effecten
dc.subject.keywordAlternation Biasen
dc.subject.keywordLaw of Small Numbersen
dc.subject.stwDecision under risken
dc.subject.stwExpected utilityen
dc.subject.stwBiasen
dc.titleAlternation Bias and the Parameterization of Cumulative Prospect Theory-
dc.typeBook Parten
dc.identifier.ppn791264912en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:espost:52592en
dc.date.issuedonline2011-
dc.publisher.online|aZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |cKiel, Hamburgen
econstor.documentversionManuscript Version (Preprint)-
econstor.citation.editorAbdellaoui, Mohammeden
econstor.citation.editorHey, John D.en
econstor.citation.compilationtitleAdvances in Decision Making Under Risk and Uncertaintyen
econstor.citation.seriesTheory and Decision Library Cen
econstor.citation.seriesnumber42en
econstor.citation.publisherSpringer-Verlagen
econstor.citation.publisherplaceBerlin, Heidelbergen
econstor.citation.year2008en
econstor.citation.startpage91en
econstor.citation.endpage107en

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