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Prospect Theory and the Wisdom of the Inner Crowd

Hartmann, Stephan (2017) Prospect Theory and the Wisdom of the Inner Crowd. [Preprint]

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Abstract

We give a probabilistic justification of the shape of one of the probability weighting functions used in Prospect Theory. To do so, we use an idea recently introduced by Herzog and Hertwig (2014). Along the way we also suggest a new method for the aggregation of probabilities using statistical distances.


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Item Type: Preprint
Creators:
CreatorsEmailORCID
Hartmann, Stephans.hartmann@lmu.de0000-0001-8676-2177
Keywords: Prospect Theory, Probability Aggregation, Kullback-Leibler Divergence
Subjects: Specific Sciences > Cognitive Science
General Issues > Decision Theory
Specific Sciences > Economics
Specific Sciences > Probability/Statistics
Specific Sciences > Psychology/Psychiatry
Depositing User: Stephan Hartmann
Date Deposited: 23 Jul 2017 16:28
Last Modified: 23 Jul 2017 16:28
Item ID: 13250
Subjects: Specific Sciences > Cognitive Science
General Issues > Decision Theory
Specific Sciences > Economics
Specific Sciences > Probability/Statistics
Specific Sciences > Psychology/Psychiatry
Date: 23 July 2017
URI: http://philsci-archive.pitt.edu/id/eprint/13250

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