Figure 4
The vertical axis is labeled “Utility value,” and the horizontal axis is divided into two regions labeled “Losses” on the left and “Gains” on the right. Three curves are plotted on the graph: a blue line labeled “Prospect theory,” an orange line labeled “2019,” and a yellow line labeled “2020.” All three lines start from the losses side at the lower left, curve upward sharply near the origin, and flatten at different levels toward the gains side on the right.Investor’s utility function (value function from the prospect theory: blue line). Source: Authors’ own elaboration