In prospect theory, variations of probability have less effect on decision weights. An experiment that I mentioned earlier found that the decision weight for a 90% chance was 71.2 and the decision weight for a 10% chance was 18.6. The ratio of the probabilities was 9.0, but the ratio of the decision weights was only 3.83, indicating insufficient sensitivity to probability in that range. In both theories, the decision weights depend only on probability, not on the outcome.
