“…Since the publication of the seminal paper on prospect theory (PT) by Kahneman and Tversky (2013), PT has become one of the most prominent decision-making theories under risk and uncertainty (Blanco-Mesa et al, 2017;Chen et al, 2022;Jiang et al, 2022;Wang et al, 2023;Yu et al, 2022Yu et al, , 2018Yang et al, 2022). Probability weighting function (PWF), as a main component of PT, has been widely studied and applied in a number of areas, including medical decision-making, assets portfolio, welfare lottery, organizational behavior, insurance purchase and strategic decisions, due to its capability to measure the risk attitudes of decision-makers as well as to reflect and predict their risk preferences (Huang et al, 2021;Walther & Munster, 2021).…”