On the Shape of the Probability Weighting Function

Empirical studies have shown that decision makers do not usually treat probabilities linearly. Instead, people tend to overweight small probabilities and underweight large probabilities. One way to model such distortions in decision making under risk is through a probability weighting function. We p...

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Veröffentlicht in:	Cognitive psychology 1999-02, Vol.38 (1), p.129-166
Hauptverfasser:	Gonzalez, Richard, Wu, George
Format:	Artikel
Sprache:	eng
Schlagworte:	Cognition & reasoning Decision making Humans Judgment Probability Psychology
Online-Zugang:	Volltext
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