Publication: Violations of coalescing in parametric utility measurement
Violations of coalescing in parametric utility measurement
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Glöckner, A., Renerte, B., & Schmidt, U. (2020). Violations of coalescing in parametric utility measurement. Theory and Decision, 89, 471–501. https://doi.org/10.1007/s11238-020-09761-5
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The majority consensus in the empirical literature is that probability weighting functions are typically inverse-S shaped, that is, people tend to overweight small and underweight large probabilities. A separate stream of literature has reported event-splitting effects (also called violations of coalescing) and shown that they can explain violations of expected utility. This leads to the questions whether (1) the observed shape of weighting functions is a mere consequence of the coalesced presentation and, more generally, whether (2)
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- Glöckner, Andreas
- Schmidt, Ulrich
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Glöckner, A., Renerte, B., & Schmidt, U. (2020). Violations of coalescing in parametric utility measurement. Theory and Decision, 89, 471–501. https://doi.org/10.1007/s11238-020-09761-5