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Back to the St. Petersburg Paradox?

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Author Info
Pavlo Blavatskyy
Abstract

Conventional parameterizations of cumulative prospect theory do not explain the St. Petersburg paradox. To do so, the power coefficient of an individual's utility function must be lower than the power coefficient of an individual's probability weighting function.

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File URL: http://www.cerge-ei.cz/pdf/wp/Wp227.pdf
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Publisher Info
Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp227.

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Date of creation: Jul 2004
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Handle: RePEc:cer:papers:wp227

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Related research
Keywords: EUT; Cumulative prospect theory; St. Petersburg paradox; Power utility; Probability ; Weighting.;

Find related papers by JEL classification:
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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This page was last updated on 2010-1-18.

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