Reference-Dependent Consumption Plans
构建了一个理性动态模型，其中人们对当前和未来消费信念的变化存在损失厌恶，导致消费决策呈现参考依赖特征，并解释了过度消费、财富冲击下的消费调整以及预防性储蓄动机。
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 when about future consumption, a decision maker might (to generate pleasant surprises) overconsume early relative to the optimal committed plan, increase immediate consumption following surprise wealth increases, and delay decreasing consumption following surprise losses. Since higher wealth mitigates the effect of bad news, people exhibit an unambiguous first-order precautionary-savings motive.