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ECON0040 Week 3

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In depth notes on ECON0040 Week 3

Institution
University College London (UCL)
Course
Economics (ECON0040)

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Week 3
Reference Points
The reference point can be:
• The status quo or endowment
• Aspiration or goals
• Socially based
• Expectations


Endowment e ect
PROSPECT x y pi p
UTILITYpulsar i p rlyr
ultvers ite r
where var acutaair itzer
Alossaversionparameter
r referencepoint




Mug experiment:




Aspirations and goals
Allen et al. (2017) looked at marathon nishing times, and saw bunching before round nishing times


n




Socially based
• Luttmer (2005j: controlling for a person’s income, higher earnings of neighbours are associated
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Institution
University College London (UCL)
Study
Unknown
Course
Economics (ECON0040)
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Document information

Uploaded on
May 21, 2024
Number of pages
4
Written in
2022/2023
Type
Class notes
Professor(s)
Zeynep gurguc
Contains
All classes

Subjects

  • behavioural economics
  • reference points
  • endowment effect
  • personal equilbrium
  • koeszegi rabin preferences

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