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Year 2014-04-04 
Issue 10

„Subjective” propability in risky decisions

Katarzyna Domurat
Centrum Psychologii Ekonomicznej i Badań Decyzji, Akademia Leona Koźmińskiego

2014-04-04 (10) Decyzje


The article is a short review of interpretation of probability and its significance for risky decisions. It especially deals with a concept of subjective probability and decision weights introduced by the prospect theory. While dealing with both subjective deviation from objective probabilities as well as subjective probability transformation as probability weighting function it was observed that people treat low probabilities differently. In both situations people tend to overestimate rare events. Recently it has been said, that in the decision based on direct observations of frequency of events, overestimation is much weaker.

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APA style

Domurat, Katarzyna (2008). Domurat, K. . (2008). „Subjective” propability in risky decisions. Decyzje, (10), 5 26. Retrieved de https://journal.kozminski.edu.pl/index.php/decyzje/article/view/134 (Original work published 2014-04-04)

MLA style

Domurat, Katarzyna. Domurat, K. . “„Subjective” Propability In Risky Decisions”. 2014-04-04. Decyzje, no. 10, 2008, p. 5 26.

Chicago style

Domurat, Katarzyna. Domurat, Katarzyna . “„Subjective” Propability In Risky Decisions”. Decyzje, Decyzje, no. 10 (2008): 5 26. https://journal.kozminski.edu.pl/index.php/decyzje/article/view/134.