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Experienced vs. Described Uncertainty: Do We Need Two Prospect Theory Specifications?
T his paper reports on the results of an experimental elicitation at the individual level of all prospect theory components (i.e., utility, loss aversion, and weighting functions) in two decision contexts: situations where alternatives are described as probability distributions and situations where the decision maker must experience unknown probability distributions through sampling before choice. For description-based decisions, our results are fully consistent with prospect theory's empiricaldoi:10.1287/mnsc.1110.1368 fatcat:dvdy5ojfknbqpizz4sv2we5gla