pt-package: An R package for Prospect Theory

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

Description

A package for computational prospect theory (PT) and comparing PT to other risky decision making theories. Choice visualisation capabilities are also provided.

Details

The pt package provides the ability to create, save and visualise choices. The results for different risky decision making theories can be calculated for these choice situations.

The fastest way to get started is to either create choices directly from the command line using the Choices function or load in choices from previously prepared external text files using the choicesFromFile function.

Once the choices are in R, it is possible to visualise them using drawChoices. Newly created choices can be saved to text files using saveChoices.

The predictions of various risky decision making theories can then be run on choices using the following functions:

compareEV (for expected value)

compareEU (expected utility)

compareRDU (rank-dependent utility)

comparePT (prospect theory)

compareSWU (subjectively weighted utility)

compareSWAU (subjectively weighted average utility)

compareRAM (rank-affected multiplicative weights utility)

compareTAX ((special) transfer of attention exchange utility)

compareGDU ((lower) gains decomposition utility)

comparePRT (prospective reference theory utility)

Visualisation functions include:

drawChoices (draws choices)

drawSimplex (draws the Marschak-Machina unit probability simplex)

plotProbW (draws a single probability weighting function)

plotOneParProbWFam (draws families of one parameter probability weighting functions)

plotTwoParProbWFam (draws families of two parameter probability weighting functions)

plotRP (draws the risk premium)

plotUtility (draws the utility function)

Author(s)

Gary Au [e-mail]

Maintainer: Gary Au [e-mail]

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