In standard prospect theory, the decision maker assesses gains and losses relative to the status quo. Behavioral

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In standard prospect theory, the decision maker assesses gains and losses relative to the status quo. Behavioral economists say that the status quo serves as a reference point. Is it possible that people might assess gains and losses relative to some other reference point? Can you think of any plausible alternatives?
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Microeconomics

ISBN: 978-1118572276

5th edition

Authors: David Besanko, Ronald Braeutigam

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