Figure 1

Group median data of probabilistic choice (dots) are presented with lines of prediction from the four types of probabilistic choice models: (a) entropy model, (b) Prelec's weight function, (c) general hyperbolic function, (d) simple hyperbolic function. Horizontal axis indicates probability values (0–1), while vertical axis indicates a subjective value (0–100,000 yen) of the uncertain reward at each value of probability. It can be seen that the simple hyperbolic function poorly fit the data at small and large probability values.