Vol. 12, No. 4, 2019

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Applying prospect theory to multiattribute problems with independence assumptions

Jack Stanley and Frank P. A. Coolen

Vol. 12 (2019), No. 4, 687–711
DOI: 10.2140/involve.2019.12.687
Abstract

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
Mathematical Subject Classification 2010
Primary: 91B06, 91B16
Milestones
Received: 20 July 2018
Revised: 4 October 2018
Accepted: 15 November 2018
Published: 16 April 2019

Communicated by Sat N. Gupta
Authors
Jack Stanley
Department of Mathematical Sciences
Durham University
Durham
United Kingdom
Frank P. A. Coolen
Department of Mathematical Sciences
Durham University
Durham
United Kingdom