Multi Cumulative Prospect Theory and the Demand for Cliquet‐Style Guarantees
提出多重累积前景理论，考虑合同价值的年度变化，能解释长期投资者对具有锁定特征的保底产品的需求，而传统期望效用理论和累积前景理论无法做到。
Abstract Expected Utility Theory (EUT) and Cumulative Prospect Theory (CPT) face problems explaining preferences of long‐term investors. Previous research motivates that the subjective utility of a long‐term investment also depends on interim value changes. Therefore, we propose an approach that we call Multi Cumulative Prospect Theory. It is based on CPT and considers annual changes in the contract values. As a first application, we can show that in contrast to EUT and CPT, this approach is able to explain the demand for guaranteed products with lock‐in features, which in this framework generate a higher subjective utility than products without or with simpler guarantees.