A Canonical Model of Choice with Initial Endowments
用显示偏好方法建立了一个模型，其中初始禀赋作为参考点影响选择，推广了经典理性选择模型，将选择视为心理约束下的效用最大化，并自然产生现状偏差现象。
We use the revealed preference method to derive a model of individual decision making when the endowment of an agent provides a reference point that may influence her choices. This model generalizes the classical rational choice model, which views choice as a consequence of “utility maximization†. Instead, our model sees choice as arising from “psychologically constrained utility maximization†, where the constraints are induced by one's initial endowment. In particular, this model produces status quo bias as a natural consequence (but not necessarily the endowment effect). A range of economic applications identify the predictive and explanatory strength of the model. In particular, we demonstrate that the status quo bias phenomenon reduces the size of the substitution effect in problems of consumption choice.