Publication: Error Propagation in the Elicitation of Utility and Probability Weighting Functions
Error Propagation in the Elicitation of Utility and Probability Weighting Functions
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Blavatskyy, P. R. (2006). Error Propagation in the Elicitation of Utility and Probability Weighting Functions. Theory and Decision, 60(2–3), 315–334. https://doi.org/10.1007/s11238-005-4593-x
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Elicitation methods in decision-making under risk allow us to infer the utilities of outcomes as well as the probability weights from the observed preferences of an individual. An optimally efficient elicitation method is proposed, which takes the inevitable distortion of preferences by random errors into account and minimizes the effect of such errors on the inferred utility and probability weighting functions. Under mild assumptions, the optimally efficient method for eliciting utilities and probability weights is the following thre
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Blavatskyy, P. R. (2006). Error Propagation in the Elicitation of Utility and Probability Weighting Functions. Theory and Decision, 60(2–3), 315–334. https://doi.org/10.1007/s11238-005-4593-x
