specification of the reference level. These classes include, as special cases, the most common specifications in the literature. New … specifications of the reference level are needed, we conclude. …

reference levels relative to which are the changes in the level of wealth valued. Depending on the reference level, some results … attractive full loss offset provisions. However, risk taking can be stimulated when investors compare their reference level with …

disentangling may alternatively be obtained by introducing an exogenous reference level which, in a recursive way, assesses the … actual consumption and this reference level (a quantity independent of the attitude towards risk). In this new framework … consumption relative to an external reference level as well as from this reference level itself. Dans le modèle standard d …