Scale Invariance of Principle of Equivalent Utility under Cumulative Prospect Theory

Jacek Chudziak · Marcin Halicki · Sebastian Wójcik

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Decision-Making and Behavioral Economics Probability and Statistical Research Experimental Behavioral Economics Studies

Abstract

In 1984 A. Reich proved that under Expected Utility Theory, a scale invariance of the Principle of Equivalent Utility just for two particular values of parameters implies its scale invariance.In this paper, we extend this result onto the Principle of Equivalent Utility under Cumulative Prospect Theory.

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References

1992Advances in prospect theory: Cumulative representation of uncertainty 1982A theory of anticipated utility 1989Anticipated utility: A measure representation approach

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2016Positive Homogeneity of the Principle of Equivalent Utility

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