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Cambridge University Press
Prospect Theory: For Risk and Ambiguity

Prospect Theory: For Risk and Ambiguity

by Peter P. Wakker


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Product Details

ISBN-13: 9780521748681
Publisher: Cambridge University Press
Publication date: 08/23/2010
Pages: 518
Sales rank: 1,267,629
Product dimensions: 6.80(w) x 9.60(h) x 1.00(d)

About the Author

Peter P. Wakker is Professor at the Econometric Institute, Erasmus Universiteit, Rotterdam. His work concerns human decisions under risk and uncertainty from an economic, mathematical and psychological perspective.

Table of Contents

Preface; Introduction; Part I. Expected Utility: 1. The general model of decision under uncertainty no-arbitrage (expected utility with known utilities and unknown probabilities); 2. Expected utility with known probabilities - 'risk' - and unknown utilities; 3. Applications of expected utility for risk; 4. Expected utility with unknown probabilities and unknown utilities; Part II. Nonexpected Utility for Risk: 5. Heuristic arguments for probabilistic sensitivity and rank dependence; 6. Probabilistic sensitivity and rank dependence analyzed; 7. Applications and extensions of rank dependence; 8. Where prospect theory deviates from rank-dependent utility and expected utility: reference dependence versus asset integration; 9. Prospect theory for decision under risk; Part III. Nonexpected Utility for Uncertainty: 10. Extending rank-dependent utility from risk to uncertainty; 11. Ambiguity: where uncertainty extends beyond risk; 12. Prospect theory for uncertainty; 13. Conclusion; Appendices; References; Index.

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