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Values of Gains and Losses: Reference States and Choice of Measure

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  • Jack Knetsch

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    File URL: http://hdl.handle.net/10.1007/s10640-010-9355-8
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    Bibliographic Info

    Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

    Volume (Year): 46 (2010)
    Issue (Month): 2 (June)
    Pages: 179-188

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    Handle: RePEc:kap:enreec:v:46:y:2010:i:2:p:179-188

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    Web page: http://www.springerlink.com/link.asp?id=100263

    Related research

    Keywords: Reference dependence; Value disparity; Welfare measures;

    References

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    1. Rabin, Matthew, 1997. "Psychology and Economics," Department of Economics, Working Paper Series qt8jd5z5j2, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    2. Cropper, Maureen L & Aydede, Sema K & Portney, Paul R, 1994. "Preferences for Life Saving Programs: How the Public Discounts Time and Age," Journal of Risk and Uncertainty, Springer, vol. 8(3), pages 243-65, May.
    3. Matthew Rabin, 2006. "A Model of Reference-Dependent Preferences," The Quarterly Journal of Economics, MIT Press, vol. 121(4), pages 1133-1165, November.
    4. Jack Knetsch & Fang-Fang Tang & Richard Thaler, 2001. "The Endowment Effect and Repeated Market Trials: Is the Vickrey Auction Demand Revealing?," Experimental Economics, Springer, vol. 4(3), pages 257-269, December.
    5. W. Kip Viscusi & Wesley A. Magat & Joel Huber, 1987. "An Investigation of the Rationality of Consumer Valuations of Multiple Health Risks," RAND Journal of Economics, The RAND Corporation, vol. 18(4), pages 465-479, Winter.
    6. Richard H. Thaler & Shlomo Benartzi, 2004. "Save More Tomorrow (TM): Using Behavioral Economics to Increase Employee Saving," Journal of Political Economy, University of Chicago Press, vol. 112(S1), pages S164-S187, February.
    7. Shogren, Jason F. & Shin, Seung Youll & Hayes, Dermot J. & Kliebenstein, James, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," Staff General Research Papers 701, Iowa State University, Department of Economics.
    8. David Genesove & Christopher Mayer, 2001. "Loss Aversion And Seller Behavior: Evidence From The Housing Market," The Quarterly Journal of Economics, MIT Press, vol. 116(4), pages 1233-1260, November.
    9. Knetsch, Jack L. & Wong, Wei-Kang, 2009. "The endowment effect and the reference state: Evidence and manipulations," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 407-413, August.
    10. Bromley, Daniel W., 1995. "Property rights and natural resource damage assessments," Ecological Economics, Elsevier, vol. 14(2), pages 129-135, August.
    11. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
    12. John List, 2003. "Does market experience eliminate market anomalies?," Natural Field Experiments 00297, The Field Experiments Website.
    13. Einiö, Mikko & Kaustia, Markku & Puttonen, Vesa, 2008. "Price setting and the reluctance to realize losses in apartment markets," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 19-34, February.
    14. Shefrin, Hersh & Statman, Meir, 1985. " The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence," Journal of Finance, American Finance Association, vol. 40(3), pages 777-90, July.
    15. Horowitz, John K. & McConnell, Kenneth E., 2002. "A Review of WTA/WTP Studies," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 426-447, November.
    16. Johnson, Eric J, et al, 1993. " Framing, Probability Distortions, and Insurance Decisions," Journal of Risk and Uncertainty, Springer, vol. 7(1), pages 35-51, August.
    17. Terrance Odean, 1998. "Are Investors Reluctant to Realize Their Losses?," Journal of Finance, American Finance Association, vol. 53(5), pages 1775-1798, October.
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    Cited by:
    1. Timothy C. Haab & Matthew G. Interis & Daniel R. Petrolia & John C. Whitehead, 2013. "From Hopeless to Curious? Thoughts on Hausman's 'Dubious to Hopeless' Critique of Contingent Valuation," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 35(4), pages 593-612.
    2. Gardner Brown & Daniel Hagen, 2010. "Behavioral Economics and the Environment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 46(2), pages 139-146, June.
    3. Robinson Lisa A & Hammitt James K., 2011. "Behavioral Economics and the Conduct of Benefit-Cost Analysis: Towards Principles and Standards," Journal of Benefit-Cost Analysis, De Gruyter, vol. 2(2), pages 1-51, April.
    4. Christoph Rheinberger, 2011. "A mixed logit approach to study preferences for safety on Alpine roads," Working Papers 45387, Institut National de la Recherche Agronomique, France.
    5. Osberghaus, Daniel, 2013. "Prospect theory, mitigation and adaptation to climate change," ZEW Discussion Papers 13-091, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    6. Marit Kragt & Jeffrey Bennett, 2012. "Attribute Framing in Choice Experiments: How Do Attribute Level Descriptions Affect Value Estimates?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 51(1), pages 43-59, January.
    7. James K. Hammitt, 2013. "Positive versus Normative Justifications for Benefit-Cost Analysis: Implications for Interpretation and Policy," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 7(2), pages 199-218, July.
    8. Baddeley, M., 2011. "Energy, the Environment and Behaviour Change: A survey of insights from behavioural economics," Cambridge Working Papers in Economics 1162, Faculty of Economics, University of Cambridge.

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