Reconsider Problem 10.2 and its solution to show that w(p), like the original weighting function of Kahneman
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Reconsider Problem 10.2 and its solution to show that w(p), like the original weighting function of Kahneman and Tversky, is S-shaped, with concave curvature for small p and convex curvature for large p.
Problem 10.2
Prelec (1998) suggested the alternative probability weighting function
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The weighting function proposed by Prelec wp is a cumulative d...View the full answer
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