위험관리 | Cases and Studies of Risk Management in Lottery & Gambling | 危險管理
- date : 2015-05-20 01:10|hit : 1841
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- Article] Loss aversion and perceptual risk aversion
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DocNo of ILP: 4693
Doc. Type: Article
Title: Loss aversion and perceptual risk aversion
Authors: Maggi, MA
Full Name of Authors: Maggi, MA
Keywords by Author: cumulative prospect theory; power S-shaped value function; reference dependence utility; loss aversion
Keywords Plus: CUMULATIVE PROSPECT-THEORY; UTILITY
Abstract: We prove that, in cumulative prospect theory, the weak loss aversion for S-shaped value functions is equivalent to a notion of risk aversion that we define from the perceptual point of view. No additional assumption or condition on the probability distortion is needed. It is demonstrated that a power S-shaped value function does not satisfy weak loss aversion, i.e., a decision maker is risk seeking with respect to some mixed sign lotteries. (c) 2006 Elsevier Inc. All rights reserved.
Cate of OECD: Mathematics
Year of Publication: 2006
Business Area: lottery
Detail Business: lottery
Country: USA
Study Area:
Name of Journal: JOURNAL OF MATHEMATICAL PSYCHOLOGY
Language: English
Country of Authors: Univ Padua, Dipartimento Ric Aziendali, Sez Matemat Gen & Applicata, I-27100 Pavia, Italy
Press Adress: Maggi, MA (reprint author), Univ Padua, Dipartimento Ric Aziendali, Sez Matemat Gen & Applicata, Via S Felice 7, I-27100 Pavia, Italy.
Email Address: maggma@eco.unipv.it
Citaion:
Funding:
Lists of Citation: BENARTZI S, 1995, Q J ECON, V110, P74; Bowman D, 1999, J ECON BEHAV ORGAN, V38, P155, DOI 10.1016/S0167-2681(99)00004-9; Fennema H., 1999, J RISK UNCERTAINTY, V17, P277; KAHNEMAN D, 1979, ECONOMETRICA, V47, P263, DOI 10.2307/1914185; Kobberling V, 2005, J ECON THEORY, V122, P119, DOI 10.1016/j.jet.2004.03.009; Laibson D, 1998, J RISK UNCERTAINTY, V16, P7, DOI 10.1023/A:1007717224343; Levy H, 1998, J RISK UNCERTAINTY, V16, P147, DOI 10.1023/A:1007730226688; Neilson WS, 2002, J RISK UNCERTAINTY, V24, P131, DOI 10.1023/A:1014015926103; Prelec D, 1998, ECONOMETRICA, V66, P497, DOI 10.2307/2998573; SCHMIDT U, 2002, STRONG RISK AVERSION; Schmidt U, 2003, J MATH PSYCHOL, V47, P122, DOI 10.1016/S0022-2496(02)00015-9; Starmer C, 2000, J ECON LIT, V38, P332, DOI 10.1257/jel.38.2.332; Thaler RH, 1997, Q J ECON, V112, P647, DOI 10.1162/003355397555226; TVERSKY A, 1992, J RISK UNCERTAINTY, V5, P297, DOI 10.1007/BF00122574; Wakker PP, 2002, EUR ECON REV, V46, P1253, DOI 10.1016/S0014-2921(01)00141-6; Schmidt U, 2005, J RISK UNCERTAINTY, V30, P157, DOI 10.1007/s11166-005-6564-6
Number of Citaion: 16
Publication: ACADEMIC PRESS INC ELSEVIER SCIENCE
City of Publication: SAN DIEGO
Address of Publication: 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 USA
ISSN: 0022-2496
29-Character Source Abbreviation: J MATH PSYCHOL
ISO Source Abbreviation: J. Math. Psychol.
Volume: 50
Version: 4
Start of File: 426
End of File: 430
DOI: 10.1016/j.jmp.2006.03.001
Number of Pages: 5
Web of Science Category: Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Psychology, Mathematical
Subject Category: Mathematics; Mathematical Methods In Social Sciences; Psychology
Document Delivery Number: 056DH
Unique Article Identifier: WOS:000238500900007
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