Deciding When to Quit: Reference-Dependence over Slot Machine Outcomes
利用赌场老虎机玩家决定何时停止游戏的数据，检验了参照依赖的损失厌恶理论，发现总体上有滞后现状参照点，而内生的参照点则与下注强度相关。
We conduct tests for reference dependent loss aversion using slot machine gamblers' decisions on when to quit playing for a visit to a casino. Evidence for a lagged status-quo reference point is found in the aggregate, while endogenously determined reference points are found when conditioning on betting intensity choices. Significant deviations from the distributions implied by random quitting support the loss aversion and diminishing sensitivity hypotheses.