Arbeitspapier
Local Status and Prospect Theory
People are sometimes risk-averse in gains but risk-loving in losses. Such behavior and other anomalies underlying prospect theory arise from a model of local status maximization in which consumers compare their wealth with other consumers of similar wealth. This social explanation shares key features with the psychological explanation o.ered by Kahneman and Tversky.
- Language
-
Englisch
- Bibliographic citation
-
Series: Claremont Colleges Working Papers in Economics ; No. 2000-38
- Classification
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Consumer Economics: Theory
- Subject
-
prospect theory
status
reference group
loss aversion
risk loving
- Event
-
Geistige Schöpfung
- (who)
-
Harbaugh, Rick
Kornienko, Tatiana
- Event
-
Veröffentlichung
- (who)
-
Claremont McKenna College, Department of Economics
- (where)
-
Claremont, CA
- (when)
-
2000
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Harbaugh, Rick
- Kornienko, Tatiana
- Claremont McKenna College, Department of Economics
Time of origin
- 2000
Other Objects (12)
Priorities and prospect theory
Skill reputation, prospect theory, and regret theory
Prospect theory and asset allocation
Prospect Theory and Higher Moments
Insurance demand and prospect theory
Prospect theory and hedging risks
Endogenizing prospect theory's reference point
Evolutionary stability of prospect theory preferences
A prospect-theory model of voter turnout
Prospect Theory in the Heterogeneous Agent Model
Conditioning and updating under cumulative prospect theory
Prospect theory, mitigation and adaptation to climate change
Priorities and prospect theory
Skill reputation, prospect theory, and regret theory
Prospect theory and asset allocation
Prospect Theory and Higher Moments
Insurance demand and prospect theory
Prospect theory and hedging risks
Endogenizing prospect theory's reference point
Evolutionary stability of prospect theory preferences
A prospect-theory model of voter turnout
Prospect Theory in the Heterogeneous Agent Model
Conditioning and updating under cumulative prospect theory
Prospect theory, mitigation and adaptation to climate change
Priorities and prospect theory
Skill reputation, prospect theory, and regret theory
Prospect theory and asset allocation
Prospect Theory and Higher Moments
Insurance demand and prospect theory
Prospect theory and hedging risks
Endogenizing prospect theory's reference point
Evolutionary stability of prospect theory preferences
A prospect-theory model of voter turnout
Prospect Theory in the Heterogeneous Agent Model
Conditioning and updating under cumulative prospect theory