LEARNING TO REOPTIMIZE CONSUMPTION AT NEW INCOME LEVELS: A RATIONALE FOR PROSPECT THEORY
成果类型：
Article
署名作者：
Brunnermeier, Markus K.
署名单位：
Princeton University
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1162/154247604323015490
发表日期：
2004
关键词：
摘要：
This paper provides a theoretical rationale for three experimental results of Prospect Theory: risk preferences are over gains and losses, loss aversion, and diminishing sensitivity. We consider a (boundedly rational) decision maker who does not find her new optimal consumption bundle with certainty when she is faced with a new income level. This alters her indirect utility function and makes her more risk averse at her current reference income level and less risk averse for a range of incomes below her reference income level. (JEL: D11)
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