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Abstract
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We discuss a descriptive theory of decision making which has received much attention
in recent decades: prospect theory. We specifically focus on applying the
theory to problems with two attributes, assisted by different independence
assumptions. We discuss a process for solving decision problems using the
theory before applying it to a real life example of purchasing breakdown
cover.
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Keywords
decision theory, independence, multiple attributes,
prospect theory, utility theory
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Mathematical Subject Classification 2010
Primary: 91B06, 91B16
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Milestones
Received: 20 July 2018
Revised: 4 October 2018
Accepted: 15 November 2018
Published: 16 April 2019
Communicated by Sat N. Gupta
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