Testing the reference-dependent model : a laboratory search experiment / Takahiro Miura (Kansai University), Kengo Inukai (Meiji Gakuin University), Masaru Sasaki (GSE, Osaka University and IZA) ; IZA Institute of Labor Economics
VerfasserMiura, Takahiro ; Inukai, Kengo ; Sasaki, Masaru
KörperschaftForschungsinstitut zur Zukunft der Arbeit
ErschienenBonn, Germany : IZA Institute of Labor Economics, May 2019
Elektronische Ressource
Umfang1 Online-Ressource (38 Seiten) : Diagramme
SerieDiscussion paper ; no. 12378
 Das Dokument ist öffentlich zugänglich im Rahmen des deutschen Urheberrechts.
Testing the reference-dependent model [1.22 mb]
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Zusammenfassung (Englisch)

Our paper conducts laboratory experiments with the sequential search model to test whether participants engage in search activities in line with theoretical predictions derived from the expected utility model or the reference-dependent model, without assuming any specific formulation rule for a reference point. Our experimental results showed that the participants' search behavior did not align with the reference-dependent model. In addition, the correlation between individual preferences and search behavior reinforced our experimental results; that is, loss aversions were not significantly correlated with search behavior.