Implements (cumulative) prospect theory and other theories of risky decision making. A practically unlimited number of choices can be specified. The package allows for different probability weighting functions and utility functions to be specified, as well as their parameters. Other features include the ability to plot individual probability weighting curves and families of these curves, as well as individual utility function curves. Single-stage decision trees can be drawn. The probability simplex can also be drawn. Certainty equivalents and risk premiums can be plotted. Theoretical predictions for different risky decision making theories can be compared against each other and empirical data.
|Maintainer||Gary Au <[email protected]>|
|Package repository||View on GitHub|
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