Prospect relativity: how choice options influence decision under risk.

@article{Stewart2003ProspectRH,
  title={Prospect relativity: how choice options influence decision under risk.},
  author={Neil Stewart and Nick Chater and Henry P Stott and Stian Reimers},
  journal={Journal of experimental psychology. General},
  year={2003},
  volume={132 1},
  pages={
          23-46
        }
}
In many theories of decision under risk (e.g., expected utility theory, rank-dependent utility theory, and prospect theory), the utility of a prospect is independent of other options in the choice set. The experiments presented here show a large effect of the available options, suggesting instead that prospects are valued relative to one another. The judged certainty equivalent for a prospect is strongly influenced by the options available. Similarly, the selection of a preferred prospect is… CONTINUE READING
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