Unnamed comments on Prospect Theory: A Framework for Understanding Cognitive Biases - Less Wrong
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Comments (46)
It can be interesting to look at prospect theory curves that are based on experimental data. Here are the best fit curves for 10 subjects in one study, Gonzalez & Wu (1999), for the value function for gains (v) and the probability weighting function (w). Each subject in the study made 165 (hypothetical) decisions about gambles with various possible outcomes and probabilities, in the domain of gains only (no losses).
Especially when you compare subject 9 to everyone else.