TY - JOUR
AU - Takemura, Kazuhisa
AU - Murakami, Hajime
PY - 2018
M3 - 10.3389/fams.2018.00048
SP - 48
TI - A Testing Method of Probability Weighting Functions From an Axiomatic Perspective
JO - Frontiers in Applied Mathematics and Statistics
UR - https://www.frontiersin.org/article/10.3389/fams.2018.00048
VL - 4
SN - 2297-4687
N2 - This study presents a testing approach to examine various models of probability weighting functions that are considered nonlinear functions of probability in behavioral decision theory, such as prospect theory. Although there are several empirical psychometric tests to examine probability weighting functions, there is no concrete method to examine these functions' axiomatic properties. We propose axiomatic properties and a testing method to examine the generalized hyperbolic logarithmic model, power model, and exponential power model of the probability weighting functions, and provide an illustrative example of the testing method.
ER -