haku: @indexterm utility expectations / yhteensä: 11
viite: 8 / 11
| Tekijä: | Lehner, J. M. |
| Otsikko: | Auf der Suche nach erklärungskräftigen und einfachen Theorien des Entscheidungsverhaltens - Antwort auf Theil (1997). |
| Lehti: | Journal für Betriebswirtschaft
1997 : VOL. 47:1, p. 35-40 |
| Asiasana: | DECISION THEORY UTILITY EXPECTATIONS RETURN ON INVESTMENT UNCERTAINTY |
| Kieli: | ger |
| Tiivistelmä: | In Search of a Powerful and Simple Theory of Decision Making Reply to Theil (1997). In reaction to my earlier proposition that prospect theory should be accepted as an alternative to expected utility theory, Theil criticizes this position to some extent and adds various new aspects. In this reply, the core features of prospect theory are emphasized: framing, an s-shaped value function and ill-behaved decision weights for risks or uncertainties. These features of prospect theory and of cumulative prospect theory enhance the descriptive power in comparison to expected utility theory significantly, especially for strategic decisions in companies. For the latter context, first steps towards a theory of framing and reference point selection are outlined. |
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