Probability weighting and the ‘level’ and ‘spacing’ of outcomes: An experimental study over losses

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Monetary incentives in the loss domain and behavior toward risk: An experimental comparison of three reward schemes including real losses (2011, background): “decision making under risk when losses are at stake (Abdellaoui 2000; Etchart-Vincent 2004, 2009; Fennema and Van Assen 1999; Abdellaoui et al. 2007; Abdellaoui et al. 2008).”
Individual preferences for reducing flood risk to near zero through elevation (2013, background): “Individuals’ subjective valuations of probabilities of losses are often nonlinear (Etchart-Vincent 2004, 2009), which implies that similar reductions in probability can be valued differently depending on the size of the current probability, as is captured by the probability weighting function in…”