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A cumulative prospect theory approach to car owner mode choice behaviour prediction
Transport, 2014 The uncertain transportation environment makes travel’s mode choice decision-making behaviour become a complex and alterable process. Based on the cumulative prospect theory, this paper analysed the long-standing use of utility theory for the travel’s ...
Shi An, Xiaowei Hu, Jian Wang
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The effects of losses and event splitting on the Allais paradox [PDF]
Judgment and Decision Making, 2007 The Allais Paradox, or common consequence effect, has been a standard challenge to normative theories of risky choice since its proposal over 60 years ago. However, neither its causes nor the conditions necessary to create the effect are well understood.
Bethany J. Weber
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Pseudo-Analysis as a Tool of Information Processing
Proceedings, 2022 The theory of the pseudo-analysis is based on a special real semiring (called also tropical semiring). This theory enables a unified approach to three important problems as nonlinearity, uncertainty and optimization, with many applications.
Endre Pap
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Conditioning and Updating Under Cumulative Prospect Theory [PDF]
SSRN Electronic Journal, 2010 Under expected utility theory, unconditional expected utility can be decomposed into a weighted sum of conditional expected utilities where the weights are marginal probabilities. We derive necessary and sufficient conditions for a similar decomposition in the framework of Cumulative Prospect Theory (CPT).
Stomper, Alex, Vierø, Marie-Louise
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The prediction of exit choice using cumulative prospect value
Journal of Safety Science and Resilience, 2023 Exit choice is essential for pedestrian safety and evacuation efficiency during the context of an emergency. Cumulative prospect theory is a widespread realistic decision-making theory that can transform choice outcomes and probabilities into subjective ...
Dongli Gao +5 more
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Skewness as an explanation of gambling in cumulative prospect theory [PDF]
Applied Economics, 2009 Skewness of return has been suggested as a reason why agents might choose to gamble, ceteris paribus, in Cumulative Prospect Theory (CPT). We investigate the relationship between moments of return in two models where agents choices over uncertain outcomes are determined as in CPT.
Peel, David, Law, DAvid
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Discrete Dynamics in Nature and Society, 2021 The cumulative prospect theory provides a better description for route choice behavior of the travelers in an uncertain road network environment. In this study, we proposed a multiclass cumulative prospect value- (CPV-) based cross-nested logit (CNL ...
Dongmei Yan, Yang Yang
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Financial market equilibria with cumulative prospect theory [PDF]
Journal of Mathematical Economics, 2009 The paper first shows that financial market equilibria need not to exist if agents possess cumulative prospect theory preferences with piecewise-power value functions. This is due to the boundary behavior of the cumulative prospect theory value function, which might cause an infinite short-selling problem.
De Giorgi, Enrico +2 more
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A New Method of Portfolio Optimization Under Cumulative Prospect Theory
Tsinghua Science and Technology, 2018 In this paper, the portfolio selection problem under Cumulative Prospect Theory (CPT) is investigated and a model of portfolio optimization is presented. This model is solved by coupling scenario generation techniques with a genetic algorithm.
Chao Gong +3 more
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Intuitionistic Fuzzy TOPSIS Method Based on Improved Score Function and Cumulative Prospect Theory
Journal of Harbin University of Science and Technology, 2022 Aiming at the multi-attribute decision-making problem where the attribute value is represented by the intuitionistic fuzzy number and the attribute weight is unknown.Firstly, an improved score function is proposed, its correctness and superiority are ...
LIU Huan, LI Hao
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