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A Novel Probability Weighting Function Model with Empirical Studies
International Journal of Computational Intelligence Systems, 2020 Probability weighting is one of the key components of the modern risky decision-making theories, an effective probability weight function can more accurately describe the decision-makers' subjective response to the event probability.
Sheng Wu +4 more
doaj +3 more sources
Psychophysics of the Probability Weighting Function [PDF]
SSRN Electronic Journal, 2011 Abstract A probability weighting function w ( p ) for an objective probability p in decision under risk plays a pivotal role in Kahneman–Tversky prospect theory. Although recent studies in econophysics and neuroeconomics widely utilized probability weighting functions, psychophysical foundations of the probability weighting functions
Taiki Takahashi
semanticscholar +5 more sources
Nonlinear Probability Weighting in Depression and Anxiety: Insights From Healthy Young Adults
Frontiers in Psychiatry, 2022 Both depressive and anxiety disorders have been associated with excessive risk avoidant behaviors, which are considered an important contributor to the maintenance and recurrence of these disorders.
Kosuke Hagiwara +6 more
doaj +2 more sources
Dorsolateral prefrontal cortex plays causal role in probability weighting during risky choice
Scientific Reports, 2022 In this study, we provide causal evidence that the dorsolateral prefrontal cortex (DLPFC) supports the computation of subjective value in choices under risk via its involvement in probability weighting.
Ksenia Panidi +3 more
doaj +2 more sources
Insurance and Probability Weighting Functions [PDF]
SSRN Electronic Journal, 2006 Evidence shows that (i) people overweight low probabilities and underweight high probabilities, but (ii) ignore events of extremely low probability and treat extremely high probability events as certain.
Ali al-Nowaihi, Sanjit Dhami
core +3 more sources
Curvature of the Probability Weighting Function [PDF]
Management Science, 1996 When individuals choose among risky alternatives, the psychological weight attached to an outcome may not correspond to the probability of that outcome. In rank-dependent utility theories, including prospect theory, the probability weighting function permits probabilities to be weighted nonlinearly. Previous empirical studies of the weighting function
George Wu, Richard Gonzalez
openaire +2 more sources
Probability weighting function in experiment using graphically represented probability information
Journal of Human Environmental Studies, 2014 A psychological experiment was conducted to estimate probability weighting function whose stimuli were graphically presented. We conducted a modified experiment of Wu and Gonzalez (1996) study by using graphical representation of lotteries.
Hajime Murakami +4 more
doaj +3 more sources
A simple derivation of Prelec’s probability weighting function [PDF]
Journal of Mathematical Psychology, 2006 Since Kahneman and Tversky (1979), it has been generally recognized that decision makers overweight low probabilities and underweight high probabilities.
Ali al-Nowaihi, Sanjit Dhami
core +4 more sources
What Determines the Shape of the Probability Weighting Function? [PDF]
SSRN Electronic Journal, 2006 When valuing risky prospects, people typically overweight small probabilities and underweight medium and large probabilities, but there is vast heterogeneity in individual behavior. We explore the relationship between person-specific probability weights,
Helga Fehr-Duda +2 more
core +5 more sources
Self-Distancing Reduces Probability-Weighting Biases
Frontiers in Psychology, 2018 We have abundant evidence that people exhibit biases in weighting probability information. The current study aims to examine whether self-distancing would reduce these biases.
Qingzhou Sun +3 more
doaj +2 more sources