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Published September 17, 2018 | Submitted
Book Section - Chapter Open

Reference-Dependent Preferences

Abstract

In this chapter, we present theories and applications of reference-dependent preferences. We provide some historical perspective, but also move quickly to the current research frontier, focusing on developments in reference dependence over the last 20 years. We present a number of worked examples to highlight the broad applicability of reference dependence. While our primary focus is gain–loss utility, we also provide a short treatment of probability weighting and its links to reference dependence.

Additional Information

© 2018 Elsevier B.V. Available online 17 September 2018. We are grateful to the editors, Stefano DellaVigna, Doug Bernheim, and David Laibson, as well as to Nick Barberis, Alex Rees-Jones, Ori Heffetz, Botond Koszegi, and Keith Ericson for comments and valuable conversations. We also thank participants at the Handbook of Behavioral Economics Workshop, held at Stanford University in August 2016.

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