Scholars and years | Theoretical content |

Kahneman & Tversky (1979) | Prospect theory: 1) Certainty results are found to be underestimated by individuals compared with certainty results, which are known as certainty effect. Certainty effect is also pointed out to be risk aversion of certainty returns in selection and risk seeking of certainty losses in selection. 2) Find the isolation effect, that is, when individuals are faced with the problem of choosing between different perspectives, they will ignore the part shared by all perspectives. |

Quiggin (1982) | RUD (rank-dependent utility) theory: The weight assigned to a result is related not only to the probability of the result, but also to the sequence of each result relative to the other results [2] . |

Kahneman & Tversky (1992) | Cumulative prospect theory: The probability of capacity is introduced to solve the problem of strong dominance and multiple results processing. This makes the prospect theory get the essential promotion, greatly broadens its application scope and enhances its explanatory power. |

Tversky & Fox (1995) | Decision theory is divided into risk outlook and uncertainty outlook, in which the probability of possible results in the risk outlook is known, but in the uncertainty outlook these probabilities are unknown [3] . |

Gonzalez & Wu (1998) | They Studied the shape of probability weighting function and analyzed two characteristic values of it, distinctiveness and elevation, from the point of view of psychology. According to these two eigenvalues, a weight function is constructed [4] : $w\left(p\right)=\frac{\delta {p}^{r}}{\delta {p}^{r}+{\left(1-p\right)}^{r}}$ |

Humphrey (1999) | Frequently occurring events, due to the high frequency of being remembered, tend to have an overestimated probability, which is mainly attributed to the deviation of coding events in memory (this deviation is caused by the limitation of memory capacity or the lack of adequate training) [5] . |

Langer & Weber (2001) | They extended the concept of myopic loss aversion to myopic prospect theory and predicted that for some specific venture capital business, myopia will not reduce but increase the attractiveness of investment results [6] . |

Gonzalez & Wu (2003) | The combination rules of PT and CPT are discussed. They pointed out that in bets with only two outcomes PT and CPT are the same, but in bets with three or more outcomes they are different [7] . |

Kőszegi & Rabin (2006) | It provided a problem analysis tool for effectively defining “gain” and “loss” in various fields [8] . |

Fehr-Duda (2006) | By studying the relationship between gender and risk taking, the author finds that there is a certain difference between men and women in weight function, but no significant difference in value function [9] . |

Schmidt & Zank (2008) | It is considered that strong risk aversion and concavity of value function are effective only when the condition of continuous probability weight function is satisfied [10] . |

Snowberg & Wolfers (2010) | The effective application of PT theory in gaming market is verified [11] . |