This paper proposes a two-step method to successively elicit utility functions and decision weights under rank-dependent expected utility theory and its "more descriptive" version: cumulative prospect ...
Differentiability is a convenient property of von Neumann-Morgensten utility functions which is almost always imposed but has not been translated into behavioral terms. In applications, expected ...
Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Somer G. Anderson is CPA, doctor of ...