De Gustibus and Disputes about Reference Dependence
通过劳动供给和交换行为实验，测量个体得失态度异质性，发现普遍损失厌恶不成立，且参照点基于期望的模型能解释异质性处理效应，为参照依赖理论提供实证基础。
Abstract Existing tests of reference-dependent preferences assume universal loss aversion. This paper examines the implications of heterogeneity in gain-loss attitudes for such tests. In experiments on labour supply and exchange behaviour, we first measure gain-loss attitudes and then study a canonical treatment effect that distinguishes different models of reference dependence. We document substantial heterogeneity in gain-loss attitudes and evidence against universal loss aversion. Moreover, we find heterogeneous treatment effects over gain-loss attitudes consistent with formulations of expectations-based reference points. Assuming homogeneous preferences would lead to different and potentially incorrect conclusions in these tests. Our findings provide foundational support for reference points derived from expectations and help reconcile inconsistencies in prior empirical exercises.