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An Approach to Testing Reference Points

Date: Friday, Mar 17, 2023, 10:00 ~ 11:30
Speaker: Ao Wang (National University of Singapore)
Location: Zoom을 통한 온라인 세미나
Abstract: We present a general approach to experimentally testing candidate reference points. This approach builds from Prospect Theory's prediction that an increase in payoffs is perfectly offset by an equivalent increase in the reference point. Violation of this prediction can be tested with modifications to existing econometric techniques in experiments of a particular design. The resulting approach to testing theories of the reference point is minimally parametric, robust to broad classes of heterogeneity, yet still implementable in comparatively small sample sizes. We demonstrate the application of this approach in an experiment that tests the role of salience in setting reference points.

※ 본 세미나는 VEAEBES(Virtual East Asia Experimental and Behavioral Economics Seminar Series) 주최로 열리는 세미나 입니다.
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