EITM: Collaborative Research: Reference Point Adaptation and Mental Accounting -- Dynamic Extensions of Prospect Theory

EITM：协作研究：参考点适应和心理账户——前景理论的动态扩展

• 批准号: 0339052
• 负责人: Sonya Lim
• 金额: $ 13.15万
• 依托单位: DePaul University
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 2004
• 资助国家: 美国
• 起止时间: 2004-04-15 至 2007-03-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0339052&HistoricalAwards=false
• 关键词: EITM; Collaborative; Research; Reference; Point

Under prospect theory, a person's satisfaction derived from a gain or loss is calculated as a deviation from that person's status quo wealth reference point. However over time each gain or loss has the potential to alter the reference point as the individual adapts to the change in wealth. Our pilot data suggest that people adapt their reference points more readily to gains than to losses. The quicker adaptation to gains leads to immediate gratification from mentally assimilating those gains, but dissatisfaction with subsequent gains, which feel less impressive relative to the new, elevated reference point. The slower adaptation to losses reduces immediate misery by deferring the assimilation of the new, lower wealth level, but also decreases the satisfaction associated with future gains or losses. Our proposal is designed to investigate individuals' readiness to adapt to gains versus losses, the factors that influence adaptation, and the means by which adaptation occurs. Questionnaires and a new experimental auction design with real monetary payoffs will be used to identify the location of reference points and their movements after gains or losses. We will also continue research we have already begun in which we have tested our predictions about reference point adaptation using actual trading data from United States brokerage houses.Researchers have recently discovered that some anomalous price patterns are present in American financial markets are absent in Asian markets, and conversely. Also, risk preferences and styles of information processing have been shown to differ in Asian and Western cultures. In addition to collecting data in the United States, we will perform experiments in Korea and China to explore whether cultural differences influence reference point adaptation, which in turn may contribute to differences across countries in the behavior of stock returns.

根据前景理论，一个人从收益或损失中获得的满意度被计算为与该人现状财富参考点的偏差。 然而，随着时间的推移，随着个人适应财富的变化，每次收益或损失都有可能改变参考点。 我们的试点数据表明，人们更容易根据收益而不是损失来调整参考点。对收益的更快适应会导致从精神上吸收这些收益而立即得到满足，但对随后的收益感到不满，相对于新的、升高的参考点，这些收益感觉不那么令人印象深刻。 对损失的适应速度较慢，可以通过推迟吸收新的、较低的财富水平来减少眼前的痛苦，但也会降低与未来收益或损失相关的满意度。 我们的建议旨在调查个人适应收益与损失的准备程度、影响适应的因素以及适应发生的方式。问卷调查和具有实际货币回报的新实验性拍卖设计将用于确定参考点的位置及其在收益或损失后的变动。 我们还将继续我们已经开始的研究，其中我们使用美国经纪公司的实际交易数据测试了我们对参考点适应的预测。研究人员最近发现，美国金融市场中存在的一些异常价格模式在亚洲市场中并不存在，反之亦然。 此外，亚洲和西方文化中的风险偏好和信息处理方式也有所不同。 除了在美国收集数据外，我们还将在韩国和中国进行实验，探讨文化差异是否会影响参考点适应，进而可能导致各国股票回报行为的差异。