Prospective gain-loss utility: Ordered versus separated comparison
Abstract
Koszegi and Rabin (2006, 2007) develop a model of expectations-based reference-dependent preferences in which the agent experiences “gain-loss utility” by comparing his actual consumption outcome to all of his previously expected consumption outcomes. Koszegi and Rabin (2009) then generalize the static model to a dynamic setting by assuming that the agent experiences both contemporaneous gain-loss utility over present consumption and...
Paper Details
Title
Prospective gain-loss utility: Ordered versus separated comparison
Published Date
Dec 1, 2019
Volume
168
Pages
62 - 75
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