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Lecture notes

ECON0040 Week 3

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In depth notes on ECON0040 Week 3

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  • May 21, 2024
  • 4
  • 2022/2023
  • Lecture notes
  • Zeynep gurguc
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Week 3
Reference 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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