Reference dependence and endogenous anchors
在完全市场中，研究了投资者从收益的内在效用和与内生参考的比较中获得满足时的最优投资组合，发现参考依赖程度高时投资者会将概率集中在少数固定结果（锚点）上以减少失望，且存在多重均衡。
Abstract In a complete market, we find optimal portfolios for an investor whose satisfaction stems from both a payoff's intrinsic utility and its comparison with an endogenous reference as modeled by Kőszegi and Rabin. In the regular regime, arising when reference dependence is low, the marginal utility of the optimal payoff is proportional to a twist of the pricing kernel. High reference dependence leads to the anchors regime, whereby investors reduce disappointment by concentrating significant probability in one or few fixed outcomes, or “anchors.” Multiple equilibria arise because anchors may not be unique. If stocks follow geometric Brownian motion, the model implies that investors with longer horizons choose larger stocks holdings.