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Type | Journal Article |
Scope | Discipline-based scholarship |
Title | Back to the St. Petersburg paradox? |
Organization Unit | |
Authors |
|
Item Subtype | Original Work |
Refereed | Yes |
Status | Published in final form |
Language |
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Journal Title | Management Science |
Publisher | Institute for Operations Research and the Managements Sciences (INFORMS) |
Geographical Reach | international |
ISSN | 0025-1909 |
Volume | 51 |
Number | 4 |
Page Range | 677 - 678 |
Date | 2005 |
Abstract Text | The conventional parameterizations of cumulative prospect theory do not explain the St. Petersburg paradox. To do so, the power coefficient of an individual’s utility function must be lower than the power coefficient of an individual’s probability weighting function. |
Digital Object Identifier | 10.1287/mnsc.1040.0352 |
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Keywords | Expected utility theory, Cumulative prospect theory, St. Petersburg paradox, Power utility, Probability weighting |