library("pt")
########################
# Wakker, P. P. (2003). The data of Levy and Levy (2002) "Prospect theory: Much ado about nothing?" actually support prospect theory. Management Science, 49(7), 979-981.
########################
########################
# workings to Table 1, p.980
########################
# Levy and Levy's (2002) Experiment 1, Task 1
# F = (-3000, 0.5; 4500, 0.5)
# ~ -483 PT
# G = (-6000, 0.25; 3000, 0.75)
# ~ -743 PT
# F > G
choice_ids <- c(1, 1, 1, 1)
gamble_ids <- c(1, 1, 2, 2)
outcome_ids <- c(1, 2, 1, 2)
objective_consequences <- c(-3000, 4500, -6000, 3000)
probability_strings <-
c("0.5", "0.5", "0.25", "0.75")
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
tk_1992_utility <- Utility(fun="power",
par=c(alpha=0.88, beta=0.88, lambda=2.25))
tk_1992_positive_probWeight <-
ProbWeight(fun="Tversky_Kahneman_1992",
par=c(alpha=0.61))
tk_1992_negative_probWeight <-
ProbWeight(fun="Tversky_Kahneman_1992",
par=c(alpha=0.69))
comparePT(my_choices,
prob_weight_for_positive_outcomes=tk_1992_positive_probWeight,
prob_weight_for_negative_outcomes=tk_1992_negative_probWeight,
utility=tk_1992_utility, digits=4)
# gid od oc pr dw sv pt
# 1 2 4500 0.5 0.4206 1640 689.8
# 1 1 -3000 0.5 0.4540 -2583 -482.6
# gid od oc pr dw sv pt
# 2 2 3000 0.75 0.5683 1148 652.3
# 2 1 -6000 0.25 0.2935 -4753 -742.8
# cid gid ev pt ce rp
# 1 1 1 750 -482.6 -446 1196
# 2 1 2 750 -742.8 -728 1478
########################
# Levy and Levy's (2002) Experiment 2
# F = (-1600, 0.25; -200, 0.25; 1200, 0.25; 1600, 0.25)
# ~ -216 PT
# G = (-1000, 0.25; -800, 0.25; 800, 0.25; 2000, 0.25)
# ~ -138 PT
# G > F
choice_ids <- c(1, 1, 1, 1, 1, 1, 1, 1)
gamble_ids <- c(1, 1, 1, 1, 2, 2, 2, 2)
outcome_ids <- c(1, 2, 3, 4, 1, 2, 3, 4)
objective_consequences <- c(-1600, -200, 1200, 1600, -1000, -800, 800, 2000)
probability_strings <-
c("0.25", "0.25", "0.25", "0.25", "0.25", "0.25", "0.25", "0.25")
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
tk_1992_utility <- Utility(fun="power",
par=c(alpha=0.88, beta=0.88, lambda=2.25))
tk_1992_positive_probWeight <-
ProbWeight(fun="Tversky_Kahneman_1992",
par=c(alpha=0.61))
tk_1992_negative_probWeight <-
ProbWeight(fun="Tversky_Kahneman_1992",
par=c(alpha=0.69))
comparePT(my_choices,
prob_weight_for_positive_outcomes=tk_1992_positive_probWeight,
prob_weight_for_negative_outcomes=tk_1992_negative_probWeight,
utility=tk_1992_utility, digits=4)
# gid od oc pr dw sv pt
# 1 4 1600 0.25 0.2907 660.1 191.9
# 1 3 1200 0.25 0.1299 512.5 258.5
# 1 2 -200 0.25 0.1605 -238.3 220.3
# 1 1 -1600 0.25 0.2935 -1485.3 -215.7
# gid od oc pr dw sv pt
# 2 4 2000 0.25 0.2907 803.4 233.6
# 2 3 800 0.25 0.1299 358.7 280.2
# 2 2 -800 0.25 0.1605 -807.1 150.7
# 2 1 -1000 0.25 0.2935 -982.2 -137.6
# cid gid ev pt ce rp
# 1 1 1 250 -215.7 -178.6 428.6
# 2 1 2 250 -137.6 -107.2 357.2
########################
# Levy and Levy's (2002) Experiment 3, Task 3
# F = (-1500, 0.5; 4500, 0.5)
# ~ 53 PT
# G = (-3000, 0.25; 3000, 0.75)
# ~ -106 PT
# F > G
choice_ids <- c(1, 1, 1, 1)
gamble_ids <- c(1, 1, 2, 2)
outcome_ids <- c(1, 2, 1, 2)
objective_consequences <- c(-1500, 4500, -3000, 3000)
probability_strings <-
c("0.5", "0.5", "0.25", "0.75")
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
tk_1992_utility <- Utility(fun="power",
par=c(alpha=0.88, beta=0.88, lambda=2.25))
tk_1992_positive_probWeight <-
ProbWeight(fun="Tversky_Kahneman_1992",
par=c(alpha=0.61))
tk_1992_negative_probWeight <-
ProbWeight(fun="Tversky_Kahneman_1992",
par=c(alpha=0.69))
comparePT(my_choices,
prob_weight_for_positive_outcomes=tk_1992_positive_probWeight,
prob_weight_for_negative_outcomes=tk_1992_negative_probWeight,
utility=tk_1992_utility, digits=4)
# gid od oc pr dw sv pt
# 1 2 4500 0.5 0.4206 1640 689.82
# 1 1 -1500 0.5 0.4540 -1403 52.75
# gid od oc pr dw sv pt
# 2 2 3000 0.75 0.5683 1148 652.3
# 2 1 -3000 0.25 0.2935 -2583 -105.8
# cid gid ev pt ce rp
# 1 1 1 1500 52.75 90.59 1409
# 2 1 2 1500 -105.8 -79.47 1579
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