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Applying prospect theory to multi-attribute problems with independence assumptions.

Stanley, J. and Coolen, F.P.A. (2019) 'Applying prospect theory to multi-attribute problems with independence assumptions.', Involve : a journal of mathematics., 12 (4). pp. 687-711.

Abstract

We discuss a descriptive theory of decision making which has received much attention in recent decades: prospect theory. We specifically focus on applying the theory to problems with two attributes, assisted by different independence assumptions. We discuss a process for solving decision problems using the theory before applying it to a real life example of purchasing breakdown cover.

Item Type:Article
Full text:Publisher-imposed embargo
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Status:Peer-reviewed
Publisher Web site:https://doi.org/10.2140/involve.2019.12.687
Publisher statement:First published in Involve: a journal of in Vol. 12 (2019), No. 4, published by Mathematical Sciences Publishers. © 2019 Mathematical Sciences Publishers. All rights reserved.
Date accepted:15 November 2018
Date deposited:16 November 2018
Date of first online publication:16 April 2019
Date first made open access:No date available

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