An Endowment Effect for Risk: Experimental Tests of Stochastic Reference Points
通过两个简单风险偏好实验，排除常见干扰因素后，发现当参照点从确定变为随机时，风险态度会发生变化，即存在“风险的禀赋效应”。该结果有助于区分不同参照点依赖模型，并解释效用测度方法间的不一致。
Recent models of reference-dependent preferences indicate that expectations may play a prominent role in the presence of behavioral anomalies. A subset of such expectations-based models predicts an “endowment effect for risk”: that risk attitudes differ when reference points change from certain to stochastic. In two purposefully simple risk preference experiments, eliminating often-discussed confounds, I demonstrate both between and within subjects such an endowment effect for risk. These results provide needed separation between expectations-based reference-dependent models, allow for evaluation of recent theoretical extensions, and may help to close a long-standing debate in decision science on inconsistency between utility elicitation methodologies.