Reference points in sequential bargaining: theory and experiment
在无限期交替出价模型中引入损失厌恶，发现外部选项作为参照点时均衡与标准模型一致，而贡献作为参照点时份额随贡献增加；实验室数据部分支持预测。
Abstract We introduce loss aversion in an infinite‐horizon, alternating‐offers model. When outside options serve as reference points, the equilibrium of our model follows that of the standard Rubinstein bargaining model (i.e., outside options do not affect the equilibrium unless they are binding). However, when reference points are given by the resources that players contribute to the pie, the bargaining outcome changes such that a player's share increases in her contribution. We test our model's predictions in the laboratory. As predicted, only binding outside options affect the division of the pie. Data also show that contributions matter for bargaining outcomes when they are activated as reference points, but not quite as predicted by our theory. Proposers gain a higher share of the pie only when they have contributed a higher share than the opponent has.