Utility of Gains and Losses: Measurement-Theoretical and Experimental Approaches

By R. Duncan Luce. 2000

456 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/55cfd6140d8385fb5aa2c0261156948136b6a4b5

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Citations in the corpus

Inversion (2019, unknown): “Another interesting feature of Theorem 4 is that, in contrast to some embedding theorems, it does not use the genus which, in general, is not so easy to find, especially in the inverse problems we are interested in. Theorem 4 (approximation by almost embeddings).”
Causes of Allais common consequence paradoxes: An experimental dissection ☆ (2004, background): “Both RAM and TAX models are special cases of branchweighted configural expected utility models in which the weight of each distinct branch of a gamble gets a weight ARTICLE IN PRESS M.H. Birnbaum / Journal of Mathematical Psychology 48 (2004) 87–106 91 that is affected by its probability, the rank o”
Measuring Loss Aversion under Ambiguity: A Method to Make Prospect Theory Completely Observable (2016, unknown): “Utility curvature is typically modest over small intervals (Luce 2000; Wakker and Deneffe 1996) and we were concerned that it would be hard to detect differences between utility under risk and ambiguity for small stakes.”
An experimental investigation of violations of transitivity in choice under uncertainty (2008, background): “…utility theory (EU), cumulative prospect theory (CPT), prospective reference theory (PRT), transfer of attention exchange (TAX), gains decomposition utility (GDU) and many others (Luce, 2000; Marley & Luce, 2005; Starmer, 2000; Tversky & Kahneman, 1992; Wu, Zhang, & Gonzalez, 2004; Viscusi, 1989).”
Loss Averse Behavior (2005, background): “They assumed, similar to prospect theory, that receiving a mixed lottery is equivalent to jointly receiving the gain and the loss part of the lottery (see also Luce, 1991; Luce and Fishburn, 1991; Luce, 2000).”
Evaluating a model of global psychophysical judgments—II: Behavioral properties linking summations and productions (2004, background): “When this project began, the theory was a reinterpretation of the second author’s utility theory which was for an unbiased case (Luce, 2000).”
The Stag Hunt and the Evolution of Social Structure (2003, background): “D. Kahneman and A. Tversky (1979) and R. D. Luce (2000) develop more psychologically realistic choice models in which the zero point matters.”
Tests of Branch Splitting and Branch-Splitting Independence in Allais Paradoxes with Positive and Mixed Consequences. (2007, methodology): “To calculate values of three-branch gambles, the gains decomposition rule (Luce, 2000, pp. 200–202) is applied as follows: LGDU ðGÞ ¼ W ðp þ qÞLGDU ðx; p=ðp þ qÞ; yÞ þ ½1 À W ðp þ qÞuðzÞ ð 11Þ Expression (11) can be applied iteratively to make predictions for multi-branch gambles, without…”
Take The First: Option-generation and resulting choices (2003, background): “…decision-making models make assumptions about how people search through a set of given options—such as by using ‘‘normative’’ optimization methods (e.g., Luce, 2000) or ‘‘fast and frugal’’ heuristics (e.g., Gigerenzer & Todd, 1999)—the question remains of where these options come from, if they are…”
An eye‐tracking study on information processing in risky decisions: Evidence for compensatory strategies based on automatic processes (2011, unknown): “Luce, R. D. (2000).”
Thermodynamics as a theory of decision-making with information-processing costs (2012, background): “Stochastic choice rules have been extensively studied in the psychological and econometric literature, in particular logit choice models based on the Boltzmann distribution [69, 70].”
Probability Weighting in Choice under Risk: An Empirical Test (2001, background): “Luce (2000) argues on the basis of the available empirical evidence that the rank-dependent utility model is descriptively more valid for binary gambles than for gambles involving more than two outcomes.”
Loss Aversion Under Prospect Theory: A Parameter-Free Measurement (2007, methodology): “A choice-based elicitation procedure was applied because previous studies have found that inferring indifferences from a series of choices leads to fewer inconsistencies than asking subjects directly for their indifference value (see Luce 2000 for a review).”
It is Whether You Win or Lose: The Importance of the Overall Probabilities of Winning or Losing in Risky Choice (2005, background): “Luce (2000), among others, has argued that the expected utility model and its many variants are simply mathematical representations for observed decisions that imply nothing about how the decision was made.”
Neural signatures of economic preferences for risk and ambiguity. (2006, background): “Although behavioral experiments have demonstrated that individuals treat ambiguity differently from risk (Camerer and Weber, 1992; Luce, 2000), current theories proposed to accommodate decision making under ambiguity make several assumptions: that an individual’s beliefs about the probabilities of e”
Antecedents and consequences of retirement planning and decision-making: A meta-analysis and model (2009, background): “…decisions, people analyze the costs and benefits, combine their desires or preferences and their expectations about the situation (Camerer, 1995; Luce, 2000; Savage, 1954; von Neumann & Morgenstern, 1947), or even avoid such analysis and base their decision on prudential rules that imply moral…”