TWO‐PIECE VON NEUMANN‐MORGENSTERN UTILITY FUNCTIONS*

@article{Fishburn1979TWOPIECEVN,
  title={TWO‐PIECE VON NEUMANN‐MORGENSTERN UTILITY FUNCTIONS*},
  author={P. Fishburn and G. Kochenberger},
  journal={Decision Sciences},
  year={1979},
  volume={10},
  pages={503-518}
}
Thirty empirically assessed utility functions on changes in wealth or return on investment were examined for general features and susceptability to fits by linear, power, and exponential functions. Separate fits were made to below-target data and above-target data. The usual “target” was the no-change point. The majority of below-target functions were risk seeking; the majority of above-target functions were risk averse; and the most common composite shape was convex-concave, or risk… Expand

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