Hierarchical Maximum Likelihood Parameter Estimation for Cumulative Prospect Theory: Improving the Reliability of Individual Risk Parameter Estimates

An individual’s tolerance of risk can be quantified by using decision models with tuned parameters that maximally fit a set of risky choices the individual has made. A goal of this model fitting procedure is to identify parameters that correspond to stable underlying risk preferences. These preferen...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	Management science 2018-01, Vol.64 (1), p.308-326
Hauptverfasser:	Murphy, Ryan O., ten Brincke, Robert H. W.
Format:	Artikel
Sprache:	eng
Schlagworte:	cumulative prospect theory Decision making decision making under risk hierarchical parameter estimation Individual differences Maximum likelihood method Measurement measuring risk preferences Parameter estimation Psychological aspects Psychological research reliability Risk management risk profile Risk-taking (Psychology)
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!