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The expo-power value function as a candidate for the work-horse specification in parametric versions of cumulative prospect theory

Research output: Contribution to Journal/Magazine › Journal article

Published
<mark>Journal publication date</mark>2009
<mark>Journal</mark>Economics Letters
Issue number3
Volume105
Number of pages4
Pages (from-to)326-329
Publication StatusPublished
<mark>Original language</mark>English

Abstract

The piecewise power value function proposed by Kahneman and Tversky is inconsistent with both theoretical and experimental work. We propose the expo-power function as an alternative to the power function and examine its ability to explain choices in Allais experiments.