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4 Aggregation- and Distance-based (Error) Models Aggregation-based specifications 8 of a theory. So far we have focussed on the majority specification of a numerical theory like Cumulative Prospect Theory.

To illustrate how the same approach can apply to theories that do not rely on numerical utility values, let us consider a simple lexicographic heuristic (see, e.Tversky, 1969 ). If the chance of winning is similar in both gambles (within 5 percentage points), prefer the gamble with the higher gain.