pt: Computational models for prospect theory and other theories of
risky decision making
Implements (cumulative) prospect theory and other
theories of risky decision making. A practically unlimited number of
choices can be specified. The package allows for different probability
weighting functions and utility functions to be specified, as well as their
parameters. Other features include the ability to plot individual
probability weighting curves and families of these curves, as well as
individual utility function curves. Single-stage decision trees can be
drawn. The probability simplex can also be drawn. Certainty equivalents and
risk premiums can be plotted. Theoretical predictions for different risky
decision making theories can be compared against each other and empirical
data.
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