Reference-dependent consumer preferences have been a central focus in economics, marketing, and operations management. However, existing literature predominantly concentrates on the effects of a single reference point. This study expands the framework to include both reference price and...

We model adjustment costs in a general equilibrium setting using a “transport sectorâ€. This sector provides services needed to re-allocate a factor of production across wo other sectors. A market imperfection in the transport sector causes adjustment to occur too slowly in the absence...