Until the Bitter End: On Prospect Theory in a Dynamic Context
研究了在动态情境下，对概率权重导致的时间不一致性缺乏认知的前景理论决策者，发现若市场提供足够丰富的投资策略，投资者会因强烈的偏态偏好而无限期推迟交易，导致不现实的预测。
We provide a result on prospect theory decision makers who are naïve about the time inconsistency induced by probability weighting. If a market offers a sufficiently rich set of investment strategies, investors postpone their trading decisions indefinitely due to a strong preference for skewness. We conclude that probability weighting in combination with naïveté leads to unrealistic predictions for a wide range of dynamic setups.