We measure crowd's decision weights in trading by cumulative trading volume distribution and determine a reference price about crowd's assessment value of an individual stock by the maximal volume price in stock market. We assume that prospect theory traders derive behavioral utility in trading...

We measure crowd's decision weights in trading by trading volume distribution and determine a reference price about crowd's assessment value of an individual stock by the maximum volume price in stock market. We examine a reference-dependent preferences hypothesis in trading by two sets of...