The DOI matches its Crossref record; 41 of the 41 references it cites were found in a registry or an index.
A Test of the Theory of Reference-Dependent Preferences
Abstract
Eight alternative methods of eliciting preferences between money and a consumption good are identified: two of these are standard willingness-to-accept and willingness-to-pay measures. These methods differ with respect to the reference point used and the dimension in which responses are expressed. The loss aversion hypothesis of Tversky and Kahneman's theory of reference-dependent preferences predicts systematic differences between the preferences elicited by these methods. These predictions are tested by eliciting individuals' preferences for two private consumption goods; the experimental design is incentive-compatible and controls for income and substitution effects. The theory's predictions are broadly confirmed.
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Cites
Prospect theory: An analysis of decision under risk
Kahneman, D., & Tversky, A. (1988) · Decision, Probability and Utility · doi:10.1017/cbo9780511609220.014 · Cited by 32,474
Judgment under Uncertainty: Heuristics and Biases
Tversky, A., & Kahneman, D. (1975) · Utility, Probability, and Human Decision Making · doi:10.1007/978-94-010-1834-0_8 · Cited by 22,650
Filders, R. (1992) · International Journal of Forecasting · doi:10.1016/0169-2070(92)90130-2 · Cited by 16,165
The Quarterly Journal of Economics
Kuznets, S. (2024) · Business Cycle Theory, Part I Volume 4 · doi:10.4324/9781003549741-8 · Cited by 7,176
Loss aversion in riskless choice: A reference-dependent model.
Tversky, A., & Kahneman, D. (1991) · The Quarterly Journal of Economics · doi:10.2307/2937956 · Cited by 6,432
Status quo bias in decision making
Samuelson, W., & Zeckhauser, R. (1988) · Journal of Risk and Uncertainty · doi:10.1007/bf00055564 · Cited by 5,897
Moffitt, R. A. (2009) · American Economic Review · doi:10.1257/aer.99.2.660 · Cited by 4,694
Using surveys to value public goods: the contingent valuation method
(1989) · Choice Reviews Online · doi:10.5860/choice.27-0417 · Cited by 4,215
(2010) · The Review of Economic Studies · doi:10.1111/(issn)1467-937x · Cited by 2,966
Experimental Tests of the Endowment Effect and the Coase Theorem
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (2000) · Behavioral Law and Economics · doi:10.1017/cbo9781139175197.009 · Cited by 2,873
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Defining and classifying ecosystem services for decision making
Fisher, B., Turner, R. K., & Morling, P. (2009) · Ecological Economics · doi:10.1016/j.ecolecon.2008.09.014 · Cited by 3,158
Consumer Choice between Hedonic and Utilitarian Goods
Dhar, R., & Wertenbroch, K. (2000) · Journal of Marketing Research · doi:10.1509/jmkr.37.1.60.18718 · Cited by 2,239
Developments in Non-Expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk
Starmer, C. (2000) · Journal of Economic Literature · doi:10.1257/jel.38.2.332 · Cited by 1,899
Self-citationDoes Market Experience Eliminate Market Anomalies?
List, J. A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535144 · Cited by 1,183
Sex differences and statistical stereotyping in attitudes toward financial risk
Eckel, C. C., & Grossman, P. J. (2002) · Evolution and Human Behavior · doi:10.1016/s1090-5138(02)00097-1 · Cited by 1,014
Metadata
- Authors
- Bateman, I., Munro, A., Rhodes, B., Starmer, C., & Sugden, R.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1997-05-01
- Volume
- 112
- Issue
- 2
- Pages
- 479-505
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2096854678
- Cited by
- 377
- References
- 41
- FWCI
- 7.49
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
