An Endowment Effect for Risk: Experimental Tests of Stochastic Reference Points

• 成果类型: Article
• 署名作者: Sprenger, Charles
• 署名单位: Stanford University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/683836
• 发表日期: 2015
• 页码: 1456-1499
• 关键词: reference-dependent preferences; parameter-free elicitation; loss aversion; subject misconceptions; LOTTERY EQUIVALENTS; pay-willingness; prospect-theory; accept gap; disappointment aversion; UTILITY MEASUREMENT

摘要

Recent models of reference-dependent preferences indicate that expectations may play a prominent role in the presence of behavioral anomalies. A subset of such expectations-based models predicts an endowment effect for risk: that risk attitudes differ when reference points change from certain to stochastic. In two purposefully simple risk preference experiments, eliminating often-discussed confounds, I demonstrate both between and within subjects such an endowment effect for risk. These results provide needed separation between expectations-based reference-dependent models, allow for evaluation of recent theoretical extensions, and may help to close a long-standing debate in decision science on inconsistency between utility elicitation methodologies.