Multiattribute Loss Aversion and Reference Dependence: Evidence from the Performing Arts Industry
基于音乐会购票数据，发现消费者在价格和已售座位数两个属性上均存在损失厌恶，即价格高于参考价或座位销量低于参考值时，消费者效用显著下降，并据此提出定价策略。
We study the prevalence of multiattribute loss aversion and reference effects in a revenue management setting based on data of individual-level purchases over a series of concert performances. The reference dependence that drives consumer choice is not only based on the price but also on observed sales (as a fraction of the seating capacity) during their past visits. We find that consumers suffer from loss aversion on both prices and seats sold: consumers incur significant utility loss when prices are above their references or when the actual seat sales are lower than their references. We suggest pricing policies that can address consumer decisions driven by such reference dependence and loss aversion. This paper was accepted by Vishal Gaur, operations management.