Construct · 1 fields · 1 citations

probability weighting: a standalone construct

One name. One construct. A landmark on the map.

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probabilityweighting1 CONSTRUCTProbability weightingPRELEC · BEHAVIORAL ECONOMICS

A single standalone construct; nearby constructs are located against it in the Collider. Tap a field for its definition, unit, and measures.

Behavioral economics

the nonlinear transformation of stated probabilities in decisions, overweighting small chances and underweighting large ones.

In behavioral economics, probability weighting refers to the nonlinear transformation of stated probabilities in decisions, overweighting small chances and underweighting large ones. This meaning comes from Prelec (1998) in Econometrica.[1]

Unit
Recovery means
Measured by

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Nearby constructs

cumulative prospect theory1 fields · 1 citationsanchor · a standalone constructtransformation5 fields · 5 citationsjingle · one word, five constructs

References

  1. Prelec, D. (1998). The Probability Weighting Function. Econometrica, 66(3), 497. https://doi.org/10.2307/2998573

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