constant_relative_sensitivity_pwf: The constant relative sensitivity probability weighting...

In gary-au/pt: Computational models for prospect theory and other theories of risky decision making

Description

Constant relative sensitivity probability weighting function is given by

w(p) = beta^(1-alpha)*p^alpha,

where p is the probability constrained by

w(0) = 0, w(1) = 1, 0 < p < 1,

and the two parameters alpha and beta are constrained by

alpha > 0, 0 <= beta <= 1.

Usage

constant_relative_sensitivity_pwf(par, p)

Arguments

par	vector, contains the alpha and beta parameters for the probability weighting function.
p	numeric, the probability

References

p. 52, Abdellaoui, M., L'Haridon, O., & Zank, H. (2010). Separating curvature and elevation: A parametric probability weighting function. Journal of Risk and Uncertainty, 41(1), 39-65.

See Also

plotProbW, plotTwoParProbWFam

gary-au/pt documentation built on May 16, 2019, 5:41 p.m.