Reference-dependent subjective expected utility

• 成果类型: Article
• 署名作者: Sugden, R
• 署名单位: University of East Anglia
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00082-6
• 发表日期: 2003
• 页码: 172-191
• 关键词: reference-dependence; loss aversion; endowment effect; prospect theory; Preference reversal

摘要

A reference-dependent generalisation of subjective expected utility theory is presented. In this theory, preferences between acts depend both on final outcomes and on reference points (which may be uncertain acts). It is characterised by a set of axioms in a Savage-style framework. A restricted form of the theory separates attitudes to end states (encoded in a,satisfaction function') from attitudes to gains and losses of satisfaction. Given weak additional assumptions, the restricted theory excludes cycles of choice, explains observed disparities between willingness-to-pay and willingness-to-accept valuations of lotteries, and predicts preference reversal. (C) 2003 Elsevier Inc. All rights reserved.