【主讲】Songfa Zhong (National University of Singapore)
【主题】Look Forward or Think Back? An Examination of Reference-Dependent Intertemporal Preferences
【时间】2014年12月22日 (周一) 16：00-17：30
【地点】上海财经大学经济学院楼602室
【语言】英文
【摘要】This study examines reference-dependent intertemporal preferences for outcome sequence, a stream of outcomes to be received at different time points. We propose reference-dependent discounted utility model by incorporating an additional gain-loss function to the discounted utility in each time point. We further test the model in the laboratory setting of Multiple Price List (MPL) for time preference elicitation, in which option on one side of MPL is fixed for each row and option on the other side varies across rows. Under the hypothesis that subjects view the fixed option in MPL as a reference point, our model predicts that MPL could result in preference intransitivity and biases in the elicited time preference. The observed behavioral patterns are consistent with these predictions. Finally, the estimated loss aversion parameter is significantly larger than one, in support of loss aversion in the intertemporal setting.
