Reference-Dependent Consumption Plans

We develop a rational dynamic model in which people are loss averse over changes in beliefs about present and future consumption. Because changes in wealth are news about future consumption, preferences over money are reference-dependent. If news resonates more when about imminent consumption than w...

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Veröffentlicht in:	The American economic review 2009-06, Vol.99 (3), p.909-936
Hauptverfasser:	Kőszegi, Botond, Rabin, Matthew
Format:	Artikel
Sprache:	eng
Schlagworte:	Consumer economics Consumption Consumption theory Decision making Determinism Economics Expected utility Financial risk Intuition Loss aversion Lotteries Marginal utility Microeconomics Modeling Preferences Risk aversion Savings Studies Wealth
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