Disappointment theory is a very well know theory among the non-expected utility models. We develop a disappointment model in which disappointment and elation might arise by comparing the obtained outcome not with a prior expectation as in the previous disappointment models, rather with each individual outcome of the lottery. Our model may provide a clear psychological rationale for the subjective transformation of probabilitites.
Expectations, disappointment, and rank dependent probability weighting
Cillo, Alessandra
2006
Abstract
Disappointment theory is a very well know theory among the non-expected utility models. We develop a disappointment model in which disappointment and elation might arise by comparing the obtained outcome not with a prior expectation as in the previous disappointment models, rather with each individual outcome of the lottery. Our model may provide a clear psychological rationale for the subjective transformation of probabilitites.
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