Understanding the Two Components of Risk Attitudes: An Experimental Analysis
通过实验检验累积前景理论中效用曲率与概率权重之间的相关性，发现两者并无强正相关，表明期望效用理论仅靠效用曲率无法充分解释个体风险厌恶的差异。
Cumulative prospect theory introduced the weighting of probabilities as an additional component to capture risk attitudes. However, this addition would be a less significant challenge to expected utility theory (EU) if utility curvature and probability weighting showed strong positive correlation. In that case the utility curvature in EU alone, although not properly describing risky behavior in general, would still capture most of the variance of individual risk aversion. This study provides experimental evidence that such a strong and positive correlation does not exist. Although most individuals exhibit concave utility and convex probability weighting, the two components show no strong positive correlation. This paper was accepted by Peter Wakker, decision analysis.