Aspirations as reference points: an experimental investigation of risk behavior over time [Book Review]

Theory and Decision 75 (2):193-210 (2013)

Abstract
This paper examines the importance of aspirations as reference points in a multi-period decision-making context. After stating their personal aspiration level, 172 individuals made six sequential decisions among risky prospects as part of a choice experiment. The results show that individuals make different risky-choices in a multi-period compared to a single-period setting. In particular, individuals’ aspiration level is their main reference point during the early stages of decision-making, while their starting status (wealth level at the start of the experiment) becomes the central reference point during the later stages of their multi-period decision-making
Keywords Aspirations  Multi-period decision-making  Reference points  Risk-behavior  Risky-choice
Categories (categorize this paper)
DOI 10.1007/s11238-012-9323-6
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

Our Archive


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 39,607
Through your library

References found in this work BETA

Add more references

Citations of this work BETA

Add more citations

Similar books and articles

Analytics

Added to PP index
2013-11-01

Total views
40 ( #186,800 of 2,325,340 )

Recent downloads (6 months)
4 ( #420,115 of 2,325,340 )

How can I increase my downloads?

Downloads

My notes

Sign in to use this feature