LOSS AVERSION IN RISKLESS CHOICE - A REFERENCE-DEPENDENT MODEL

• 成果类型: Article
• 署名作者: TVERSKY, A; KAHNEMAN, D
• 署名单位: University of California System; University of California Berkeley
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.2307/2937956
• 发表日期: 1991
• 页码: 1039-1061
• 关键词: BRAND CHOICE; willingness; disparity; pay

摘要

Much experimental evidence indicates that choice depends on the status quo or reference level: changes of reference point often lead to reversals of preference. We present a reference-dependent theory of consumer choice, which explains such effects by a deformation of indifference curves about the reference point. The central assumption of the theory is that losses and disadvantages have greater impact on preferences than gains and advantages. Implications of loss aversion for economic behavior are considered.