Reference dependence and lottery participation
假设彩票参与者收入低于目标收入，参考依赖和损失厌恶使收入边际效用非单调，从而在不依赖概率权重的情况下解释彩票参与行为，与实证证据一致。
Abstract We assume that lottery participants are poor relative to their target income. Reference dependence with loss aversion can render the marginal utility of income non‐monotonic in line with the Friedman–Savage hypothesis. As a result, lottery participation can be rationalized without invoking probability weighting. The theoretical implications align with recent empirical evidence on lottery spending.