How does reference-dependent preference affect choice under uncertainty?
Date Issued
2011
Date
2011
Author(s)
Chen, Tzai-Shuen
Abstract
Reference point plays a key role in subjects'' decision-making while people make their choices.
The theories of reference point formation, however, still need to be verified.
Here we employ lottery tickets with Graphic User Interface to explore the choice behavior under uncertainty.
We are curious about whether people would alter their behavior while the reference point was changed, for example,
while they were asked to decided the equivalent lottery compared with a sure pay off or to decided the certainty equivalent of a lottery.
With the help of Graphic User Interface, we hope to reduce the complexity of lottery tickets and make subjects concentrate
their attention on the evaluation process.
Therefore, we could collect more individual data from heterogeneous subjects and come to a definite conclusion about reference point.
Subjects
Reference-Dependent
Graphic User Interface
lottery
risk
loss aversion
Type
thesis
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