Reference Points and Effort Provision
通过真实努力实验，操控被试的理性预期，检验预期如何影响努力供给，发现高预期下被试工作更久、赚更多，符合基于预期的参考依赖偏好模型预测。
A key open question for theories of reference-dependent preferences is: what determines the reference point? One candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision. We find that effort provision is significantly different between treatments in the way predicted by models of expectation-based, reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low.