Loss Aversion and Consumption Choice: Theory and Experimental Evidence
构建了一个包含价格不确定性、损失厌恶和基于期望的参照点的消费者选择模型，并通过实验验证了损失厌恶程度更高的参与者更倾向于选择更便宜的三明治。
We analyze a consumer-choice model with price uncertainty, loss aversion, and expectation-based reference points. The implications of this model are tested in an experiment in which participants have to make a consumption choice between two sandwiches. Participants differ in their reported taste for the two sandwiches and in their degree of loss aversion, which we measure separately. We find that more-loss-averse participants are more likely to opt for the cheaper sandwich, in line with theoretical predictions. The estimates in the model with rational expectations are slightly more significant than those with naïve expectations.