-Luce problem- and discontinuity of Prelec’s function at p = 1 Report as inadecuate




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Abstract

This short paper is devoted to two items: 1 An analysis of Prelec’s weighting function at the probability p = 1 is highlighted this analysis was performed by R. Duncan Luce in two articles with Ragnar Steingrimsson and János Aczél and here is referred to as the -Luce problem-. 2 The question of possible discontinuity of Prelec’s weighting function at p = 1 is specially considered, as a manifestation of importance of the -Luce problem.-



Item Type: MPRA Paper -

Original Title: -Luce problem- and discontinuity of Prelec’s function at p = 1-

Language: English-

Keywords: Luce, Prelec; utility; prospect theory; probability weighting function;-

Subjects: C - Mathematical and Quantitative Methods > C1 - Econometric and Statistical Methods and Methodology: GeneralC - Mathematical and Quantitative Methods > C9 - Design of ExperimentsD - Microeconomics > D8 - Information, Knowledge, and UncertaintyD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty-





Author: Harin, Alexander

Source: https://mpra.ub.uni-muenchen.de/63672/







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