9. Reference-dependent Preferences
MIT 14.13 Psychology and Economics, Spring 2020
Instructor: Prof. Frank Schilbach
View the complete course: https://ocw.mit.edu/14-13S20
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP63Z979ri_UXXk_1zrvrF77Q
In this video, Prof. Schilbach explains reference-dependent preferences, a central principle in prospect theory, that is, a person evaluates outcomes and expresses preferences relative to an existing reference point.
License: Creative Commons BY-NC-SA
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