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ECON0040 Week 3
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Week 3Reference Points
The reference point can be:
• The status quo or endowment
• Aspiration or goals
• Socially based
• Expectations
Endowment e ect
PROSPECT x y pi p
UTILITYpulsar i p rlyr
ultvers ite r
where var acutaair itzer
Alossaversionparameter
r referencepoint
Mug experiment:
Aspirations and goals
Allen et al. (2017) looked at marathon nishing times, and saw bunching before round nishing times
n
Socially based
• Luttmer (2005j: controlling for a person’s income, higher earnings of neighbours are associated
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