Axiomatic measures of perceived risk
Some tests and extensions
Bibliographic Data
| ID | 12165612 |
|---|---|
| Authors | Elke U Weber (0000-0002-1678-3631, Decision Research, corresponding author), William P Bottom (0000-0001-8200-8476) |
| Year | 1989 |
| Volume | 2 |
| Issue | 2 |
| Pages | 113-131 |
| Publication date | 1989-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Behavioral Decision Making (JOURNAL) |
| Journal identifiers | ISSN: 0894-3257 • E-ISSN: 1099-0771 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/bdm.3960020205 |
| OpenAlex | W2007454323 |
| Language | EN |
| Citations received | 16 |
| References cited | 43 |
The history of axiomatic measurement of perceived risk of unidimensional risky choice alternatives is briefly reviewed. Experiments 1 and 2 present data that distinguish between two general classes of risk functions (those that assume that gain and loss components of an alternative combine additively versus multiplicatively) on empirical grounds. The most viable risk model on the basis of these and other results is described. Experiment 3 presents data that call into question the descriptive adequacy of some of this risk model's assumptions, in particular the expectation principle. Suggestions for possible modifications are made
Actuarial science · Axiom · Axiomatic system · Basis (linear algebra · Econometrics · Economics · Mathematical economics · Perception · Risk perception · Computer Science · Decision-Making and Behavioral Economics · Mathematics · Psychology · Risk and Safety Analysis · Risk Perception and Management
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Prospect Theory
On The Quantitative Definition of Risk
The devil rides again
Alternative approaches to decision making under risk
| Unique citing works | 16 |
|---|---|
| Citations per year | 0.5 |
| Citation span | 1994 - 2025 (32) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 16 |