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Endogenizing prospect theory’s reference point

by Ulrich Schmidt and Horst Zank
In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This note provides a foundation of prospect theory, where reference-dependence is derived from preference conditions and a unique reference point arises endogenously. -- Prospect theory ; reference point ; diminishing sensitivity ; loss aversion
Year of publication:
2010
Authors: Schmidt, Ulrich ; Zank, Horst
Publisher: Kiel : Kiel Inst. for the World Economy
Subject: Prospect Theory | Prospect theory | Präferenztheorie | Theory of preferences | Theorie | Theory
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