Differentiating roles of the reference alternative

Dan Qin ()

Games and Economic Behavior, 2024, vol. 146, issue C, 196-221

Abstract: This article explores the behavioral implications of different roles of the reference alternative. We delineate the boundaries of three reference-dependent choice models, each associated with distinct behavioral patterns: the endowment effect model, the loss aversion model, and the reference-dependent shortlisting model. Furthermore, we demonstrate that the intersections of these models correspond to meaningful special cases within each model.

Keywords: Endowment effect; Loss aversion; Shortlisting; Multi-criteria decision making; Revealed preference (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:146:y:2024:i:c:p:196-221

DOI: 10.1016/j.geb.2024.05.008

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