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A genuine foundation for prospect theory |
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| Authors: | Ulrich Schmidt Horst Zank |
| Institution: | 1. Department of Economics, Christian-Albrechts-Universit?t zu Kiel, 24098, Kiel, Germany 2. Kiel Institute for the World Economy, Hindenburgufer 66, 24105, Kiel, Germany 3. Economics, School of Social Sciences, The University of Manchester, Oxford?Road, M13?9PL, Manchester, UK |
| Abstract: | In most models of (cumulative) prospect theory, reference dependence of preferences is imposed beforehand and the location of the reference point is determined exogenously. This paper presents principles that provide critical tests and foundations for prospect theory preferences without assuming reference-dependent preferences a priori. Instead, reference dependence is derived from behavior and the reference point arises endogenously. |
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