BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Potocki Tomasz (Uniwersytet Rzeszowski)
Tytuł
Skumulowana teoria perspektywy jako model pomiaru racjonalności ekonomicznej
Cumulative Prospect Theory as a model of economic rationality
Źródło
Ekonomia / Uniwersytet Warszawski, 2012, nr 31, s. 71-95, rys., tab., bibliogr. s. 90-95
Słowa kluczowe
Racjonalność gospodarowania, Teoria perspektywy, Teoria oczekiwanej użyteczności
Economic rationality, Prospect theory, Expected utility theory
Uwagi
summ.
Abstrakt
Most economic models are prescriptive and based on expected utility theory. Decisions taken on the basis of these models ought to be completely rational and consistent with axioms of the expected utility theory. Prospect theory (PT) is an alternative theory of choice under risk and increasingly used to explain deviations from the traditional paradigm of rational agents. It is important to understand the concept of the PT and its cumulative representation, as well as how it is measured and whether and to what extent PT supports real decisions under risk. This article explores these questions and deliver some axiomatic research review of Cumulative Prospect Theory (CPT) as a framework for decision under risk. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Abdellaoui M. i inni, 2000, Parameter free elicitation of utility and probability weighting functions, "Management Science" 46, s. 1497-1512.
  2. Abdellaoui M. i inni, 2007, Loss Aversion under Prospect Theory, "Management Science" 53, s. 1659-1674.
  3. Abdellaoui M. i inni, 2007. Reconciling introspective utility with revealed preference: experimental arguments based on prospect theory, "Journal of Econometrics" 138, s. 356-378.
  4. Abdellaoui M. i inni, 2008, A tractable method to measure utility and loss aversion under prospect theory, "Journal of Risk and Uncertainty" 36, 245-266
  5. Abdellaoui M. i inni, 2011, Do financial professionals behave according to prospect theory? An experimental study, Theory Decisions, Springer Open Access.
  6. Akerlof, G.A., Yellen J.L., 1985, Can small deviations from rationality make significant differences to economic equilibria?, "The "American Economic Review" 75(4), s. 708-720.
  7. Altman M., 2006, Handbook of Contemporary Behavioral economics, ME Sharpe Inc., New York.
  8. Altman M., 2012, Implications of Behavioral Economics for Financial Literacy and Public Policy, "Journal of Socio-Economics" 41(5), s. 677-690.
  9. Allais, A., 1953, Le Comportement de l'Homme Rationel Devant le Risque, Critique des Postulates et Axioms de l'Ecole americaine, "Econometrica" 21, s. 503-546.
  10. Ariely D., 2008, Predictably Irrational, Harper Perennial, New York.
  11. Bell D., Raiffa H., Tversky A., 1988, Decision Making: Descriptive, Normative and Prescriptive Interactions, Cambridge University Press.
  12. Benartzi S., Thaler R.H., 1995, Myopic loss aversion and the equity premium puzzle, "Quartely Journal of Economics" 110, s. 73-92.
  13. Bernheim B. i inni. 2001. What accounts for the variation in Retirement Wealth during US Household?, "American Economic Review" 91, s. 832-854.
  14. Bertrand i inni, 2006, Behavioral Economics and Marketing in Aid of Decision Making Among the Poor, "Journal of Policy Making and Marketing" 25(1), s. 8-23.
  15. Bickhard M.H., 2002, Critical principles: on the negative side of rationality, "New Ideas in Psychology" 20, s. 1-34.
  16. Binmore K., 2009, Rational Decisions, Princeton University Press, New Jersey
  17. Birnbaum M.H., 2006, Evidence against prospect theories in gambles with positive, negative and mixed consequences, "Journal of Economic Psychology" 27, s. 737-767.
  18. Bleinchrodt H. i inni, 2001, Using descriptive findings of prospect theory to improve the prescriptive use of utility theory, "Management Science" 47, s. 1498-1514.
  19. Bleinchrodt H., Pinto J.L., 2000, A Parameter free elicitation of the probability weighting function in medical decision analysis, "Management Science" 46, s. 1485-1496.
  20. Bleinchrodt H., von Rijn J., 1999, Probability Weighting and Utility Curvature in QALY Based Decision making, "Journal of Mathematical Psychology" 43, s. 238-260.
  21. Booij A.S., von de Kuilen G., 2006, Parameter Free analysis of the utility of money for the general population under prospect theory, Working Papers, University of Amsterdam, Amsterdam.
  22. Brandstatter i inni, 2006, The priority heuristic - making decision without trade-offs, "Psychological Review" 113(2), s. 409-432.
  23. Camerer C.F., Ho T.H., 1994. Violations of the betweenness axiom and nonlinearity in probability, "Journal of Risk Uncertainty" 5, s. 325-370.
  24. Cheng M.Y. i inni, 2011, Supporting International entry decisions for constructing firms using fuzzy preference relations and cumulative prospect theory, "Expert Systems with Applications" 38, s. 15151-15158.
  25. Cramer C. 2003 Behavioral Game Theory: Experiments in Strategic Interaction, Princeton University Press, New Jersey
  26. Camerer C. i inni, 2004, Advances in Behavioral Economics, Russell Sage Foundation, Thousand Oaks.
  27. Damasio A., 2003, Looking for Spinoza: Joy, Sorrow and the Feeling Brain, Harcourt, Orlando.
  28. DeMiguel i inni, 2006, 1/N, EFA Zurich Meetings, dostęp online przez SSRN.
  29. Diamond P., Vartiainen H., 2007, Behavioral Economics and Its Applications, Princeton University Press, New Jersey.
  30. Diether K., i inni, 2002, Stock prices and differences of opinion: empirical evidence that stock prices reflect optimism, "Journal of Finance", s. 2113-2141.
  31. Dohmen T. i inni, 2005, Individual risk attitudes: new evidence form large, representative, experimentally-validated survey, IZA discussion Paper Series, Bonn.
  32. Ellsberg D., 1961, Risk, Ambiguity, and the savage axioms, "Quarterly Journal of Economics" 75, s. 643-669.
  33. Eriksson K., Simpson B., 2010, Emotional reactions to losing explain gender differences in entering a risky lottery, "Journal of Decision Making" 5, s. 159-163.
  34. Etchart-Vincent N., 2004, Is probability weighting sensitive to the magnitude of consequence? An experimental investigation on losses, "Journal of Risk and Uncertainty" 28, s. 217-235,
  35. Evans J., Over D., 1997, Rationality and reasoning, Hove, UK Psychology Press.
  36. Fischburn P., Kochenberger G., 1979, Two-piece von Neumann-Morgenstern utility functions, "Decision Science" 10, s. 503-518.
  37. Frederick S. i inni. 2002, Time discounting and time preference, A critical review, "Journal of Economics" 40, s. 351-401.
  38. Fehr-Duda H. i inni, 2006, Genders, financial risk, and probability weights, "Theory and Decision" 60, s. 283-313.
  39. Fehr-Duda H. i inni, 2007, Risk and rationality: the effect of incidental mood on Probability Weighting, Working Papers 703, Socioeconomic Institute, University of Zurich, Zurich.
  40. Fror O., 2008, Bounded rationality in contingent valuation: empirical evidence using cognitive psychology, "Ecological Economics" 68, s. 570-581.
  41. Fox C.R., Hadar L., 2006, Decisions from experience, "Judgment Decision Making" 1, 159-161.
  42. Fox C.R., See K.S., 2003, Belief and Preference in decision under uncertainty, w: Hardman D., Macchi L. (redakcja), Reasoning and Decision Making: Current Trends and Perspectives, Wilew, New York, s. 273-314.
  43. Gaines B.R., 2010, Human Rationality Challenges Universal Logic, "Logica Univeralias" 4, s. 163-205.
  44. Gigerenzer G., 2008, Rationality for Mortals, Oxford University Press, New York.
  45. Gigerenzer G., Todd P.M., 1999, Simple Heuristics that make us smart, Oxford University Press, New York.
  46. Gigerenzer G., Todd P.M., 2000, Precise of simple heuristics that make us smart, "Behavioral and Brain Science" 23, s. 727-780.
  47. Gigerenzer G., Todd P.M., 2003, Bounded Rationality to the world, "Journal of Economic Psychology" 24, s. 143-165.
  48. Glimcher i inni, 2005, Physiological utility theory and the neuroeconomics of choice, "Games and Economic Behavioral" 52, s. 213-256.
  49. Glimcher i inni, 2009, Neuroeconomics - decision making and the brain, Elsevier, London.
  50. Glockner A., Betsch T., 2008, Do people make decisions under risk based on ignorance? An empirical test of the priority heuristic against cumulative prospect theory, "Organizational Behavior and Human Decision Processes" 107, s. 75-95.
  51. Goda K., Hong H.P., 2008, Application of cumulative prospect theory: Implied seismic design preference, "Structural Safety" 30, s. 506-516.
  52. Gust H. i inni, 2011, Rationality and General Intelligence, LCNS, Mountain View, s. 174-183.
  53. Hang Y., Fischbach A., 2005, The role of anticipated emotions in the endowment effect, "Journal of Consumer Psychology" 15(4), s. 316-324.
  54. Hau R. i inni, 2008, The descrition-expirence gap in risky choices: the role of sample size and experienced probabilities, "Journal of Behavioral Decision Making" 21, s. 492-518.
  55. Hens T., Bachmann K., 2008, Behavioral finance for Private Banking, John Wiley & Sons, London.
  56. Hens T., Wang M., 2007, Does the finance have a cultural dimension?, Working Papers 377, FINRISK, Zurich.
  57. Hertwig R., 2011, The psychology and rationality of decisions from experience, "Synthese" 187, s. 269-292.
  58. Herwig R. i inni, 2004, Decision from experience and the effect of rare events in risky choices, "Trends in Cognitive Science" 13, s. 621-642.
  59. Hinloopen J. (redakcja), 2011, Experiments and Competition Policy, Cambridge University Press, New York.
  60. Hastie R., Dawes R.M., 2001, Rational Choice in an Uncertain World, Sage, Thousand Oaks, SA.
  61. Hogarth R.M., Reder M.W. (redakcja), 1987, Rational Choice, University of Chicago Press, Chicago.
  62. Johnson E.J., Goldstein D., 2003, Do defaults save lifes?, "Science" 302, s. 1338-1339.
  63. Jensen N.E., 1967, An introduction to Bernoullian Utility Theory, "Swedish Journal of Economics" 69, s. 163-183.
  64. Kahneman D., 2003, Maps of bounded rationality: psychology for behavioral economics, "American Economic Review" 93, s. 1449-1475.
  65. Kahneman D., 2011, Thinking: Fast and Slow, Allan Lane, London.
  66. Kahneman D. i inni, 1994, Judgment Under Uncertainty: Heuristics and Biases, Cambridge University Press s. 294-305.
  67. Kahneman D., Tversky A., 1979, Prospect theory: an analysis of decision under risk, "Econometrica" 47 (2), s. 263-291.
  68. Kahneman D., Tversky A., 2000, Choices, Values and Frames, Cambridge University Press, New York.
  69. Keynes J.M., 1936, The GeneralTheory of Employment, Create Space 2011, New York.
  70. Knight F., 1921, Risk, Uncertainty and Profit, Houghton-Miffin, Boston, MA.
  71. Lambie J.A., 2007, On the irrationality of emotion and the rationality of awareness, "Consciousness and Cognition" 17, s. 946-971.
  72. Lester B.Y., 2008, An exploratory analysis of composite choices: weighing rationality versus irrationality, "Journal of Socio-Economics" 40, s. 949-956.
  73. Lester B.Y., 2011, An Exploratory analysis of composite choices: Weighting rationality versus irrationality, "Journal of Socio-Economics" 40, s. 949-958.
  74. Luce R.D., Fishburn P.C., 1991, Rank and sign-dependant linear utility models for finite first-order gambles, "Journal of Risk and Uncertainty" 4, s. 29-59.
  75. Lo A., 2005, The Adaptive Markets Hypothesis- Market Efficiency from Evolutionary Perspective, "Journal of Investment Portfolio" 30, s. 15-29.
  76. Loewenstein G., 1992, The Fall and Rise of Psychological Explanation in the Economics of Intertemporal Choice, w: Loewenstein G., Choice over Time, Russell Sage Foundation, New York.
  77. Loewenstein G., 1996, Out of Control: Visceral influences on Behavior, "Organizational Behavior and Human Decision Processes" 65, s. 272-292.
  78. Loewenstein G. i inni, 2008, Neuroeconomics, "The Annual Review of Psychology" 59, s. 647-672.
  79. Loewenstein G., Prelec D., 1992, Anomalies in Intertemporal Choice - evidence and an interpretation, "The Quarterly Journal of Economics" 107:2, s. 573-597.
  80. Loomes G. and Sugden, R., 1982, Regret theory: An alternative theory of rational choice under uncertainty, "Economic Journal" 92(4), s. 805-24.
  81. Maital S., 2004, Daniel Kahneman: on redefining rationality, "Journal of Socio-Economics" 33, s. 1-14.
  82. McFadden D., 1999, Rationality for Economics?, "Journal of Risk and Uncertainty" 19:1-3, s. 73-105.
  83. McKenzie R.B., 2009, Predictably Rational, Springer, Berlin-Heidelberg.
  84. Mullainathan S. 2002, A Memory: Based Model of Bounded Rationality, "Quartely Journal of Economics", 117(2), s. 735-774.
  85. Myerson R., 1997, Game Theory: Analysis of Conflict, Harvard University Press, New York.
  86. Newel, B.R., 2005, Re-visions of Rationality "Trends in Cognitive Sciences" 9.1, s. 11-16.
  87. Nilsson H. i inni, 2011, Hierarchical Bayesian parameter estimation for cumulative prospect theory, "Journal of Mathematical Psychology" 55, s. 84-93.
  88. Nwogugu M., 2006, A further critique of cumulative prospect theory and related approaches, "Applied Mathematics and Computation" 179, s. 451-465.
  89. Payne J.W. i inni, 1981, Further tests of aspiration level effects in risky choice, "Management Science" 27, s. 953-958.
  90. Pennings J.M.E., Smidts A., The shape of utility functions and organizational behavior, "Management Science" 43, s. 1251-1263.
  91. Perlec D., 1998, The probability Weighting Function, "Econometrica" 66, s. 497-527.
  92. Popper K.R., 1990, Life is problem solving, Routledge, London.
  93. Russell S., 1997, Rationality and Intelligence, "Artifical Inteligence" 94, s. 57-77.
  94. Rustichini A., 2009, Neuroeconomics: what have we found and what should we search for, "Neurobiology" 19, s. 672-677.
  95. Savage L.J., 1954, The Foundations of Statistics, Willey, New York.
  96. Samuelson P., 1937, A Note on Measurement of Utility, "Review of Economic Study" 4, s. 155-161.
  97. Samuelson W., Zeckhauser R., 1988, Status quo bias in decision making, "Journal of Risk and Uncertainty" 1, s. 7-59.
  98. Secchi E. 2010, Extendable Rationality: Understanding Decision Making in Organizations (Organizational Change and Innovation), Springer,NewYork.
  99. Scherer K.R., 2005, Psychological models of emotion, w: Borod J. (redakcja), The neuropsychology of emotion, Oxford University Press, Oxford, s. 137-166.
  100. Schmidt U., 2002, Reference dependence in cumulative prospect theory, "Journal of Mathematical Psychology" 47, s. 122-131.
  101. Schmidt U., Traub S., 2002, An experimental test of loss-aversion, "Journal of Risk and Uncertainty" 25, 233-249.
  102. Schumpeter J., 1954, History of Economics Analysis, Oxford University Press, New York.
  103. Simon H.A., 1959, Theories of Decision-Making in Economics and Behavioral Science, "American Economic Review" 21, s. 253-283.
  104. Simon H.A., 1982, Models of Bounded Rationality, vol.1, MIT Press,Cambridge, MA.
  105. Simon H.A., 1999, Bounded Rationality in Social Science: Today and Tomorrow, "Mind & Society" 1, s. 25-39.
  106. Sharif E., Tversky A., 1992, Thinking through uncertainty: Nonconsequential Reasining and Choice, "Cognitive Psychology" 24, s. 449-474.
  107. Shore B., 1996, Culture of Mind: Cognition, Culture and the Problem of Meaning, Oxford University Press, New York.
  108. Smith A., 1759, The Theory of Moral Sentiment, Empire Books 2011, New York.
  109. Smith V., 1962, An experimental study of competitive market behavior, "Journal of Political Economy" 3(1), s. 151-169.
  110. Smith V. 2005, Behavioral economics research and the foundations of economics, "Journal of Socio-Economics" 34, s. 135-150
  111. Slovic P., Lichtenstein S., 1983, Preferences Reversals: a broader perspective, "American Economic Review" 73(4), s. 596-605.
  112. Stanovich K.E., 2011, Rationality and the Reflective Mind, Oxford University Press, New York.
  113. Stanovich K.E., West R.F., 2000, Individual differences in reasoning - Implications for the rationality debate?, "Behavioral and Brain Science" 23(5), s. 645-726.
  114. Stott H.P., 2006, Cumulative prospect theory's functional menagerie, "Journal of Risk and Uncertainty" 32, s. 101-130.
  115. Takahashi T., 2011, Neuroeconomics of suicide, "Neuro Endocrinology Letters" 32(4), s. 400-404.
  116. Thaler R., 1981, Some Empirical Evidence on Dynamic Inconsistency, "Economic Letters" 81, s. 201-207.
  117. Thaler R., 1985, Mental Accounting and Consumer Choice, "Marketing Research" 4, s. 199-214.
  118. Thaler R., 1999, Mental Accounting Matters, "Journal of Behavioral Decision Making" 12, s. 183-206.
  119. Thaler R.H, Sunstein C.R., 2009, Nudge, Penguin, NewYork.
  120. Todd P.M., 2000, The ecological rationality of mechanism evolved to make up minds, "American Behavioral Scientist" 43(6), s. 940-956.
  121. Tversky A., Fox C.R., 1995, Weighing risk and uncertainty, "Psychological Review" 102, 269-283.
  122. Tversky A., Kahneman D., 1974, Judgment under uncertainty: heuristics and biases, "Science" 185, s. 1124-1131.
  123. Tversky A., Kahneman D., 1992, Advances in Prospect Theory: Cumulative Representations of Uncertainty, "Journal of Risk and Uncertainty" 5, s. 297-323.
  124. Tyszka T., 2011, Decyzje, GWP, Gdańsk.
  125. Von Neumann J., Morgenstern O.. 1947, Theory of Games and Economic Behavior, Princeton University Press, Princeton, NJ.
  126. Vriend N.J., 1996, Rational behavior and economic theory, "Journal of Economic Behavior & Organization" 29, s. 263-285.
  127. Wakker P.P., 2001, Testing and characterizing properties of non-additive measures through violations of the sure-thing principle, "Econometrica" 69, s. 1039-1059.
  128. Wakker P.P., Deneffe D., 1996, Eliciting von Neumann-Morgenstern utilities when probabilities are disturbed or unknown, "Management Science" 42, s. 1131-1150.
  129. Warneryd K.E., 1996, Risk attitudes and risky behavior, "Journal of Economic Psychology" 17, s. 749-770.
  130. Weber E.U., Hsee Ch., 1998, Cross-cultural Differences in Risk Perception but Cross-cultural Similarities in Attitudes Towards Perceived Risk, "Management Science" 44(9), s. 1205-1217.
  131. Weber E.U., Hsee Ch., 1999, Cross-national Differences in Risk preference and Lay Predictions, "Journal of Behavioral Decision Making" 12, s. 165-179.
  132. Weber i inni, 2002, A domain-specific risk attitude risk scale: Measuring risk perception and risk behaviors, "Journal of Behavioral Decision Making" 15, s. 263-290.
  133. Weber E.U., Bontempo R.N., Bottom W.P., 1997, Cross-cultural Differences in Risk Perception: A Model Based Approach, "Risk Analysis" 17(4), s. 479-488.
  134. Wu G., Gonzalez R., 1996, Curvature of the probability weighing function, "Management Science" 42, s. 1676-1690.
  135. Wu G., Gonzalez R., 1998, Common consequence conditions in decision making under risk, "Journal of Risk and Uncertainty" 16, s. 115-139.
  136. Wu G., Gonzalez R., 1999, Nonlinear decision weights in choice under uncertainty, "Management Science" 54, s. 1322-1335.
  137. Xu H. i inni, 2011, A decision-making rule for modeling travelers route choice behavior basedon cumulative prospect theory, "Transportation Research Part C", s. 218-228.
  138. Yang B., Lester D., 2008, Reflections on rational choice - the existence of systematic rationality, "Journal of Socio-Economics" 37, s. 1218-1233.
  139. Zafirowski M., 2006, Classical and neoclassical conceptions of rationality - findings of an exploratory survey, " The Journal of Socio-Economics" 37, s. 789-820.
  140. Zielonka P., 2006, Behawioralne aspekty inwestowania na rynku papierów wartościowych, CeDeWu, Warszawa.
Cytowane przez
Pokaż
ISSN
0137-3056
Język
pol
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu