Endogenous Prospect Theory
Endogenous Prospect Theory
In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This paper provides an axiomatization of a new specification of cumulative prospect theory, termed endogenous prospect theory, where reference-dependence is derived from preference conditions and a unique reference point arises endogenously.
D81, loss aversion, prospect theory,reference point,diminishing sensitivity,loss aversion, ddc:330, C91, D80, prospect theory, reference point, diminishing sensitivity, jel: jel:D80, jel: jel:D81, jel: jel:C91
D81, loss aversion, prospect theory,reference point,diminishing sensitivity,loss aversion, ddc:330, C91, D80, prospect theory, reference point, diminishing sensitivity, jel: jel:D80, jel: jel:D81, jel: jel:C91
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