A Note on the Goldstein–Einhorn Probability Weighting Function

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This paper presents an exploration of the Goldstein–Einhorn probability weighting function.
This paper presents an exploration of the Goldstein–Einhorn probability weighting function (PWF), an influential model in behavioral decision theory under risk and uncertainty and evaluates its axiomatic derivations, empirical performance, structural flexibility, and applications in cumulative prospect theory (CPT). The investigations also articulate the significance of the Goldstein–Einhorn function in explaining real-world deviations from the expected utility framework.

Autor*in

Johann Markus Schauerhuber
During his studies and academic resp. professional activities Prof. Dr. Dr. Johann Markus Schauerhuber has been intensively involved in statistical programming, stochastic, risk theory, simulation and mathematical modeling. Most of his professional experience has been gained in the university domain as an academic director, postdoc lecturer / researcher and in government authorities. Email: jm_schauerhuber@gmx.at

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