Evidence against rank-dependent utility theories: tests of cumulative independence, interval independence, stochastic dominance, and transitivity
Article Abstract:
Experimental data show that the rank- and sign-dependent utility (RSDU) theory and the related cumulative prospect theory (CPT) are deeply flawed with respect to stochastic dominance and cumulative independence. Systematic violations were found in a test of the rank-dependent utility theory representation basic to both RSDU and CPT. These violations reject not only the assumptions of the CPT and all members of a general class that it belongs to but also the editing principles of combination and cancellation.
Publication Name: Organizational Behavior & Human Decision Processes
Subject: Psychology and mental health
ISSN: 0749-5978
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
The impact of probability and magnitude of outcome on disappointment and elation
Article Abstract:
Feelings of disappointment and elation affect decision makers' evaluation of alternatives. Disappointment occurs when outcome does not conform with expectations while elation arises when outcome exceeds expectations. Studies suggest that both feelings are dependent upon the probability of the outcome. Experimental tests on lotteries further support probability of the desired outcome to largely affect disappointment while magnitude of the desired outcome affects elation.
Publication Name: Organizational Behavior & Human Decision Processes
Subject: Psychology and mental health
ISSN: 0749-5978
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Probability bootstrapping: improving prediction by fitting extensional models to knowledgeable but incoherent probability judgments
Article Abstract:
A coherent probability model fitted as nearly as possible to an informant's incoherent judgements can often select actual relative frequencies more closely than can the informant's raw judgements. Such a model is proposed. It is demonstrated, in two separate domains, that the coherent probability estimates that result from the model's use more closely reflect observed relative frequencies than do the original judgements.
Publication Name: Organizational Behavior & Human Decision Processes
Subject: Psychology and mental health
ISSN: 0749-5978
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Social desirability effects on measures of adjustment to university, independence from parents and self-efficacy
- Abstracts: A partial test of the psychosomatic family model: marital interaction patterns in asthma and nonasthma families
- Abstracts: Perfection as acculturation: psychological correlates of eating problems in Chinese male and female students living in the United States
- Abstracts: Part boundaries alter the perception of transparency. Varieties of binocular interaction in human vision. Transsaccadic memory and integration during real-world object perception
- Abstracts: The effects of alignability on memory. Arousal-mediated memory consolidation: role of the medial temporal lobe in humans