Yesterday's Expectation of Tomorrow Determines What You Do Today : The Role of Reference-Dependent Utility from Expectations

The paper introduces the concept of adjustment utility, that is, reference-dependent utility from expectations. It offers an explanation for observed preferences that cannot be explained with existing models, and yields new predictions for individual decision making. The model gives a simple explanation for, e.g., why people are reluctant to change their plans even when these turn out to be unexpectedly costly; people's aversion towards positive but false information, which cannot be explained with previous models; and the increasing acceptance of risks when people get used to them

Year of publication:	[2008]
Authors:	Matthey, Astrid
Publisher:	[2008]: [S.l.] : SSRN

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