منابع مشابه
Loss Aversion and Consumption Choice: Theory and Experimental Evidence∗
In this paper, we analyze a consumer choice model with price uncertainty, loss aversion, and expectation–based reference points. The implications of this model are tested in an experiment in which participants have to make a consumption choice between two sandwiches. We make use of the fact that participants differ in their reported taste difference between the two sandwiches and the degree of ...
متن کاملReference Points and Loss Aversion in Intertemporal Choice (Preliminary)
Reference points and loss aversion are two essential and commonly used concepts in behavioral economics. In this paper, based on insight of Loewenstein’s (1988) reference point model, we construct a structural model for intertemporal choice with reference points and loss aversion by considering four scenarios: delay of gains, delay of losses, speed-up of gains, and speed-up of losses. We use pa...
متن کاملOptimal Consumption and Portfolio Choice with Loss Aversion
This paper analyses the consumption-investment problem of a loss averse investor equipped with s-shaped utility over consumption relative to a time-varying reference level. Optimal consumption exceeds the reference level in good times and descend to the subsistence level in bad times. Accordingly, the optimal portfolio is dominated by a mean-variance component in good times and rebalanced more ...
متن کاملLoss aversion and inhibition in dynamical models of multialternative choice.
The roles of loss aversion and inhibition among alternatives are examined in models of the similarity, compromise, and attraction effects that arise in choices among 3 alternatives differing on 2 attributes. R. M. Roe, J. R. Busemeyer, and J. T. Townsend (2001) have proposed a linear model in which effects previously attributed to loss aversion (A. Tversky & D. Kahneman, 1991) arise from attent...
متن کاملReference Point Effects in Riskless Choice Without Loss Aversion
Numerous studies have demonstrated that preferences among options in riskless choice are often influenced by reference points. That is, an existing reference level or status quo can bias preferences toward new alternatives. Reference-dependent effects have typically been attributed to loss aversion (Tversky & Kahneman, 1991). The key idea is that when an option is being considered, an individua...
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3985777