ST234 Weeks 9 and 10 Notes (Paradoxes separate)
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9 Terms
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Normative theory vs descriptive theory and why is normative not enough?
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What is prospect theory? Tversky & Kahneman model
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What are probability weightings like when thinking about equivalent value?
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Tversky & Kahneman probability weighting function family
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The Prelec Probability weighting family functions
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Interesting interpretations from empirical evidence
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Tversky and Kahneman utility function (value functions)
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Parametric family of value (utility) functions
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What is the certainty effect? Use the common ratio to explain this difference that we see in empirical preferences
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