search query: @author Sarin, R. K. / total: 21
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| Author: | Currin, I. S. Sarin, R. K. |
| Title: | Prospect versus utility. |
| Journal: | Management Science
1989 : JAN, VOL. 35:1, p. 22-41 |
| Index terms: | DECISION MAKING UTILITY THEORY |
| Language: | eng |
| Abstract: | It is shown how to calibrate a prospect model of decision making under risk for an individual. The prospect model is empirically compared to a utility model on two criteria, verification of the postulates of each model, and predictive accuracy. The empirical comparison is performed via three experiments. Several calibration procedures are contrasted across experiments. Results show a high degree of consistency with the postulates of both models. On predictive accuracy the prospect model outperforms the utility model for paradoxical choices. |
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