The correct formula of 1979 prospect theory for multiple outcomes

Theory and Decision 94 (2):183-187 (2022)
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Whereas original prospect theory was introduced over 40 years ago, its formula for multi-outcome prospects has never yet been published, resulting in many misunderstandings. This note provides that formula.



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Prospect Theory: An Analysis of Decision Under Risk.D. Kahneman & A. Tversky - 1979 - Econometrica: Journal of the Econometric Society:263--291.
Subjective probabilities inferred from decisions.Ward Edwards - 1962 - Psychological Review 69 (2):109-135.

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