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    Reference Point Heterogeneity.

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    Author
    Terzi, Ayse
    Koedijk, Kees
    Noussair, Charles N
    Pownall, Rachel
    Affiliation
    Univ Arizona, Dept Econ
    Univ Arizona, Ecol Sci Lab
    Issue Date
    2016-09-12
    Keywords
    reference point
    experiment
    decision making
    risk
    
    Metadata
    Show full item record
    Publisher
    FRONTIERS MEDIA SA
    Citation
    Reference Point Heterogeneity. 2016, 7:1347 Front Psychol
    Journal
    Frontiers in psychology
    Rights
    © 2016 Terzi, Koedijk, Noussair and Pownall. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
    Collection Information
    This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.
    Abstract
    It is well-established that, when confronted with a decision to be taken under risk, individuals use reference payoff levels as important inputs. The purpose of this paper is to study which reference points characterize decisions in a setting in which there are several plausible reference levels of payoff. We report an experiment, in which we investigate which of four potential reference points: (1) a population average payoff level, (2) the announced expected payoff of peers in a similar decision situation, (3) a historical average level of earnings that others have received in the same task, and (4) an announced anticipated individual payoff level, best describes decisions in a decontextualized risky decision making task. We find heterogeneity among individuals in the reference points they employ. The population average payoff level is the modal reference point, followed by experimenter's stated expectation of a participant's individual earnings, followed in turn by the average earnings of other participants in previous sessions of the same experiment. A sizeable share of individuals show multiple reference points simultaneously. The reference point that best fits the choices of the individual is not affected by a shock to her income.
    ISSN
    1664-1078
    PubMed ID
    27672374
    DOI
    10.3389/fpsyg.2016.01347
    Version
    Final published version
    Sponsors
    Center of Economic Research at Tilburg University
    Additional Links
    http://journal.frontiersin.org/article/10.3389/fpsyg.2016.01347/full#h7
    ae974a485f413a2113503eed53cd6c53
    10.3389/fpsyg.2016.01347
    Scopus Count
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