Abeler, Johannes () (University of Nottingham) Falk, Armin () (University of Bonn) Goette, Lorenz () (University of Lausanne) Huffman, David () (Swarthmore College)
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A key open question for theories of reference-dependent preferences is what determines the reference point. One candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision. We find that effort provision is significantly different between treatments in the way predicted by models of expectation-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low.
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number
3939.
Length: 40 pages Date of creation: Jan 2009 Date of revision: Publication status: forthcoming in: American Economic Review Handle: RePEc:iza:izadps:dp3939
Johannes Abeler & Armin Falk & Lorenz Goette & David Huffman, 2009.
"Reference Points and Effort Provision,"
Discussion Papers
2009-02, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
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Find related papers by JEL classification: C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
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