The previous chapter discussed the impact of markets on anomalies. This chapter reverses the direction of causation. In particular I offer three examples of how reference-dependent preferences may be expected to affect market outcomes. The first example focuses on the single, competitive market; the second example explores monopolistic competition, while the third considers a general equilibrium world. In all cases preferences are assumed to be complete and transitive for a given reference point, but not necessarily reference point independent. The influence of the reference point on consumption follows the empirical work summarised in Chapter 2. In the first example preferences exhibit a status quo bias. In the second example, preferences are affected by decoy bundles. Consequently consumer choices are not consumption set independent. In the third example, which is built on work jointly undertaken with Robert Sugden, a full theory of reference dependent preferences is put forward and then the implications of that theory for the existence and stability of general equilibrium are examined.