A Structural Analysis of Disappointment Aversion in a Real Effort Competition
通过基于移动滑块的电脑任务实验，检验真实努力顺序竞赛中参与者是否因失望厌恶而对对手的努力产生负面反应，并量化其强度与异质性。
We develop a novel computerized real effort task, based on moving sliders across a screen, to test experimentally whether agents are disappointment averse when they compete in a real effort sequential-move tournament. We predict that a disappointment averse agent, who is loss averse around her endogenous choice-acclimating expectations-based reference point, responds negatively to her rival's effort. We find significant evidence for this discouragement effect, and use the Method of Simulated Moments to estimate the strength of disappointment aversion on average and the heterogeneity in disappointment aversion across the population.