Exogenous Endowment—Endogenous Reference Point
构建了一个模型，通过类别将外生禀赋与内生参照点联系起来，参照点是禀赋所在类别中的最佳可行选项，从而产生类别偏差，解释不确定性下的现状偏差现象，并可能导致风险中性代理人的风险溢价。
Abstract We develop a model in the presence of categories that creates a link between the agent’s exogenous endowment and an endogenous reference point. The reference point is the best feasible alternative in the endowment’s category. This reference generates a constraint set from which the final choice is made according to utility maximisation. The model predicts category bias, which generalises the status quo bias by attracting the agent to her endowment’s category but not necessarily to the endowment itself. We show that it accommodates recent experimental findings regarding the presence and absence of status quo bias in the realm of uncertainty. In a stylised financial setup, we show that it may lead to a risk premium even with risk-neutral agents.