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>Value and decision weight functions for monetary and nonmonetary attributes in gains and losses as inputs to a multiattribute cumulative prospect theory model.
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Value and decision weight functions for monetary and nonmonetary attributes in gains and losses as inputs to a multiattribute cumulative prospect theory model.
Decision-makers (DMs) violate Subjective Expected Utility (SEU) in certain decision situations by selecting “non-rational” alternatives. This has given rise to the development of descriptive decision analysis techniques. Kahneman & Tversky (1979) and Tversky & Kahneman (1992) proposed Prospect Theory (PT) and later Cumulative Prospect Theory (CPT) to account for DM's treatment of gains and losses relative to a reference point and weighting of probabilities of events. Smaller firms, or those cultures that emphasize strong leaders, would be expected to have fewer DMs than large firms and hence a higher tendency toward decision heterogeneity. Therefore, understanding the decision behavior (and the components of models of decision behavior) at the individual level is critically important. It is possible that decision-making is affected in DMs that place high value on nonmonetary attributes that may be in conflict with the monetary ones when considering an alternative. A Multiple Attribute Cumulative Prospect Theory (MACPT) model is proposed and tested for this effect.; This work addresses the shape of the value functions and decision weight functions used in such models by comparing them for gains and losses as well as monetary and nonmonetary attributes. We draw conclusions about the individual DM's functions, as opposed to group results predominately reported in the literature. MACPT was not found to account for strategic choices, but there was evidence to indicate that DMs anchor on certain attributes of complex choices including strongly valued nonmonetary attributes.
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