The DOI matches its Crossref record; 13 of the 13 references it cites were found in a registry or an index.
Reference-Dependent Preferences: Evidence from Marathon Runners
Abstract
Theories of reference-dependent preferences propose that individuals evaluate outcomes as gains or losses relative to a neutral reference point. We test for reference dependence in a large data set of marathon finishing times (n = 9,789,093). Models of reference-dependent preferences such as prospect theory predict bunching of finishing times at reference points. We provide visual and statistical evidence that round numbers (e.g., a four-hour marathon) serve as reference points in this environment and as a result produce significant bunching of performance at these round numbers. Bunching is driven by planning and adjustments in effort provision near the finish line and cannot be explained by explicit rewards (e.g., qualifying for the Boston Marathon), peer effects, or institutional features (e.g., pacesetters). Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2015.2417 . This paper was accepted by John List, behavioral economics.
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
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Tversky, A., & Kahneman, D. (1992) · Journal of Risk and Uncertainty · doi:10.1007/bf00122574 · Cited by 15,467
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The Provision of Incentives in Firms
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Loss Aversion and Seller Behavior: Evidence from the Housing Market
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Does Market Experience Eliminate Market Anomalies?
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Cited by
Behavioral development economics
Kremer, M., Rao, G., & Schilbach, F. (2019) · Handbook of Behavioral Economics: Applications and Foundations 1 · doi:10.1016/bs.hesbe.2018.12.002 · Cited by 188
Reference Dependence in the Housing Market
Andersen, S., Badarinza, C., Liu, L., Marx, J., & Ramadorai, T. (2022) · American Economic Review · doi:10.1257/aer.20191766 · Cited by 111
Looming Large or Seeming Small? Attitudes Towards Losses in a Representative Sample
Chapman, J., Snowberg, E., Wang, S. W., & Camerer, C. (2025) · Review of Economic Studies · doi:10.1093/restud/rdae093 · Cited by 10
The Point Spread as a Reference Point: Evidence from the National Basketball Association
Diemer, G., & Leeds, M. (2022) · Journal of Applied Sport Management · doi:10.7290/jasm14cbdg · Cited by 2
Metadata
- Authors
- Allen, E. J., Dechow, P. M., Pope, D. G., & Wu, G.
- Venue
- Management Science
- Published
- 2017-06
- Volume
- 63
- Issue
- 6
- Pages
- 1657-1672
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W1575835178
- Cited by
- 324
- References
- 13
- FWCI
- 28.35
- Type
- journal article
- Language
- en
- Open access
- closed
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