In contrast with expected utility theory, empirical findings indicate that decisionmakers are sensitive to departures from reference points rather than states. Several tests of the reference-dependent preference framework have been carried out in experimental economics, and to a smaller extent...

A growing body of empirical urban economic studies suggests that agglomeration and accessibility externalities are important sources of the uneven distribution of economic activities across cities and regions. At the same time, little is known about the importance of agglomeration economies for...