Consider three types of individuals: an expected utility maximizer u(x) = x, a prospect theoretic utility maximizer (p) . v(x/r), and a reference-dependent utility maximizer (this one sums u(x) + v(x|r)). The current wealth level is $10, which is the reference point for relevant agents. Each individual chooses from two gambles: (0.65, 18; 0.35, -12) or (0.7, 16; 0.3, -16). This defines v: rifx >0 v(x) = 2x if x