The gap between willingness-to-pay (WTP) and willingness-to-accept (WTA) benefit values typifies situations in which reference points—and direction of movement from reference points—are consequential.
This paper studies an inter-temporal model to understand the role of social security in determining intergenerational distribution and welfare when consumers have reference-dependent preferences. To ...
Graeber, Thomas, Pol Campos-Mercade, Lorenz Goette, Alexandre Kellogg, and Charles Sprenger. "'De Gustibus' and Disputes about Reference Dependence." Harvard Business School Working Paper, No. 24-046, ...
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