Asymmetric gain–loss reference dependence and attitudes toward uncertainty
建立了一个参考依赖模型，其中状态依赖合同根据期望值和期望得失效用进行评估，并揭示了损失厌恶与参考依赖等价于最大最小和凹期望效用。
This paper characterizes a model of reference dependence, where a state-contingent contract (act) is evaluated by its expected value and its expected gain–loss utility. The expected utility of an act serves as the reference point; hence, gains (resp., losses) occur when the act provides an outcome that is better (worse) than expected. The utility representation is characterized by a belief regarding the state space and a degree of reference dependence; both are uniquely identified from behavior. We establish a link between this type of reference dependence and attitudes toward uncertainty. We show that loss aversion and reference dependence are equivalent to max–min and concave expected utility.