How Endogenization of the Reference Point Affects Loss Aversion: A Study of Portfolio Selection
研究了参考点部分内生模型对投资组合选择的影响，发现这些模型等价于外生参考点但损失厌恶程度更低的模型，有助于解释为何经验丰富的投资者在现实中显得损失厌恶程度较低。
Endogenization of the Reference Point Reduces Loss Aversion A central idea in behavioral economics is that agents derive utility from gain and losses relative to a certain reference point and that losses loom larger than gains. In “How Endogenization of the Reference Point Affects Loss Aversion: A Study of Portfolio Selection,” He and Strub study the implications of various models of partially endogenous reference points on portfolio selection. In these models, an agent faces a salient exogenous reference point that influences the formation of endogenously determined expectations about the future, through rational expectations, optimal expectations, or mental updating of the reference point. A key finding is that the predictions of these models are identical to a model with an exogenous reference point but a lower degree of loss aversion. This suggests that it is difficult to separately identify an agent’s degree of loss aversion and his or her reference point and may help to explain why experienced and sophisticated agents appear to be less loss averse than expected in some field settings.