Loss Aversion in Riskless Choice: A Reference-Dependent Model
提出一个参考依赖的消费者选择理论，通过无差异曲线在参考点处的变形来解释参考点变化导致偏好反转的实验证据，核心假设是损失比收益对偏好影响更大。
Much experimental evidence indicates that choice depends on the status quo or reference level: changes of reference point often lead to reversals of preference. We present a reference-dependent theory of consumer choice, which explains such effects by a deformation of indifference curves about the reference point. The central assumption of the theory is that losses and disadvantages have greater impact on preferences than gains and advantages. Implications of loss aversion for economic behavior are considered.