Description Usage Arguments References Examples
Compare choice gambles under Viscusi's (1989) Prospective reference theory (PRT).
1 2 3 4 | comparePRT(object, utility, gamma, digits)
## S4 method for signature 'Choices'
comparePRT(object, utility, gamma, digits)
|
object |
Choices, an instance of a Choices class. |
utility |
Utility, an instance of a Utility class. |
gamma |
numeric, the gamma parameter in Viscusi's theory. |
digits |
numeric, the number of digits to display in the output. |
Viscusi, W. K. (1989). Prospective reference theory: Toward an explanation of the paradoxes. Journal of Risk and Uncertainty, 2(3), 235-263.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 | # This example creates the two Allais common consequence paradox choices,
# and computes the PRT for each gamble in the choices.
choice_ids <- c(1, 1, 1, 1, 2, 2, 2, 2)
gamble_ids <- c(1, 1, 1, 2, 1, 1, 2, 2)
outcome_ids <- c(1, 2, 3, 1, 1, 2, 1, 2)
objective_consequences <- c(2500, 2400, 0, 2400,
2500, 0, 2400, 0)
probability_strings <- c("0.33", "0.66", "0.01", "1.0",
"0.33", "0.67", "0.34", "0.66")
my_choices <- Choices(choice_ids=choice_ids,
gamble_ids=gamble_ids,
outcome_ids=outcome_ids,
objective_consequences=objective_consequences,
probability_strings=probability_strings)
my_choices
my_utility <- Utility(fun="power",
par=c(alpha=0.631, beta=0.631, lambda=1))
gamma <- 0.676
comparePRT(my_choices,
utility=my_utility,
gamma=gamma,
digits=4)
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