CPT_Lottery_Calculator.xlsx

	A	B	C	E	F	H	I	J	K	L	M	N	O
1	Cumulative Prospect Theory (CPT) Lottery Calculator — Compatibility Version (no dynamic arrays)
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3	Inputs (yellow)			Outputs (green)
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5	Outcome	Amount (x)	Probability (p)	Metric	Value	Sorted outcomes (by x)

6	1	$200.00	50.0%	CPT utility (prospect value)	-30.41	Key	x_sorted	p_sorted	v(x)	cum_loss	tail_gain	π_loss	π_gain
7	2	-$200.00	50.0%	Certainty equivalent (CE)	-$30.0	-199.999999998	-$200.00	0.500	-138.628969	0.500	0.500	0.438771	0.000000
8	3	-$50.00	0.0%	Risk Premium (=CE-EP)	$30.03	-49.999999997	-$50.00	0.000	-45.730505	0.500	0.500	0.000000	0.000000
9	Expected Payoff (EP)	$0.00				200.000000001	$200.00	0.500	69.314484	0.500	0.500	0.000000	0.438771
10	Prospect Theory parameters					Key1	200.000000001
11	alpha (gains curvature)	0.800				Key2	-199.999999998
12	beta (losses curvature)	0.800				Key3	-49.999999997
13	lambda (loss aversion)	2.000
14	gamma (gain weighting)	0.650
15	delta (loss weighting)	0.650
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17	Sum of probabilities	100.0%
18	Check (should be 100%)	OK
19	Tip:	Set unused outcomes' probability to 0.
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