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Revealed (P) Reference Theory

delete2015-01-01
delete88
PRE
AI
O
Ok, Efe A. *
P
Pietro Ortoleva
R
Riella, Gil
DOI：10.1257/aer.20111046delete
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Abstract

Abstract

En 中文
This paper develops axiomatically a revealed preference theory of reference-dependent choice behavior. Instead of taking the reference for an agent as exogenously given in the description of a choice problem, we suitably relax the Weak Axiom of Revealed Preference to obtain, endogenously, the existence of reference alternatives as well as the structure of choice behavior conditional on those alternatives. We show how this model captures some well-known choice patterns such as the attraction effect.
Keywords:
REASON-BASED CHOICE
PREFERENCE RELATIONS
RATIONAL CHOICE
PROSPECT-THEORY
DECOY
ALTERNATIVES
DECISION
MODEL
RISK
ATTRACTION
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Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.

Journal

American Economic Review cover
American Economic Review
IF:
11.6
Papers:
5.0K
Citations:
7.5W

Organization

C
Columbia University
Scholars:
7.1W
Papers: 6.4W
Citations: 263
U
universidade de brasilia
Scholars:
1.1W
Papers: 7.3K
Citations: 5
N
New York University
Scholars:
4.4W
Papers: 3.9W
Citations: 5.8W
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