Competition under consumer loss aversion
研究了基于期望的消费者损失厌恶如何影响不完全竞争中的企业策略，发现对称成本下知情消费者比例增加会加剧竞争，而成本不对称足够大时则相反。
We address the effect of expectation‐based consumer loss aversion on firm strategy in imperfect competition. Consumers are fully informed about match value and price at the moment of purchase. However, some consumers are initially uninformed about their tastes and form a reference point consisting of an expected match value and price distribution, whereas others are perfectly informed all the time. We show that if firms have symmetric costs, a larger share of informed consumers leads to a more competitive outcome. The reverse holds if cost asymmetry in duopoly is sufficiently large.