Prospect Theory

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If we apply PT, we first need to set a reference point. This could be, e.g., the current wealth, or the worst case (losing $1000). If we set the frame to the current wealth, the decision would be to either pay $15 for sure (which gives the PT-utility of v( ? 15)) or a lottery with outcomes $0 (probability 99%) or $-1000 (probability 1%) which yields the PT-utility of ...
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These expressions can be computed numerically. For typical value and weighting functions, the former expression could be larger due to the convexity of v in losses, and hence the insurance looks unattractive. If we set the frame to $-1000, both alternatives are set in gains...
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