A Review and Prospect of Cumulative Prospect Theory Research


In view of the wide adoption and various research extensions of Cumulative Prospect Theory (CPT), this paper represents an attempt to perform a systematic review of articles that have employed CPT so as to explore its research trajectories and trends over time. A literature retrieval from Web of Science (WOS) yields a corpus of 495 articles in relation to CPT spanning over 2001-2020. The topic modeling method featuring Latent Dirichlet Allocation (LDA) is performed to produce topic trends and prospects concerning the corpus. For this purpose, we make use of the RStudio implementation of relevant packages for data preprocessing, modeling and visualization. The results are mainly categorized by dividing the articles into types of CPT exploration and parameter elicitation, the interplay and comparison between CPT and other theories and methods, and domain-specific applications by utilizing CPT to expound decision behavior. The conclusion drawn from the findings suggests that the potential active and new lines of CPT research in the future could be aimed more at route choice in transportation networks as well as decision making on the trade-off associated with issues of energy and environment.

Author Information
Eho-Cheng Lo, Chinese Culture University, Taiwan

Paper Information
Conference: ACP2022
Stream: Linguistics, Language & Psychology/Behavioral Science

This paper is part of the ACP2022 Conference Proceedings (View)
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To cite this article:
Lo E. (2022) A Review and Prospect of Cumulative Prospect Theory Research ISSN: 2187-4743 – The Asian Conference on Psychology & the Behavioral Sciences 2022 Official Conference Proceedings https://doi.org/10.22492/issn.2187-4743.2022.1
To link to this article: https://doi.org/10.22492/issn.2187-4743.2022.1

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Posted by James Alexander Gordon