What is the value of the following prospect? P1 (0.2, 1000, -800)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.3: Binomial Probability
Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...
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Question
Consider a person with the following value
v(w) = w.0.4 if w 0
=-2(-w.)0.4 if w < 0
Assume that this individual weight values by probabilities, instead of using the prospect theory weighting function. What is the value of the following prospect?
P1 (0.2, 1000, -800)
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