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: 0339178
• 负责人: Hal Arkes
• 金额: --
• 依托单位: Ohio State University Research Foundation -DO NOT USE
• 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 2009-05-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0339178&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.

在前景理论下，一个人从收益或损失中获得的满意度被计算为偏离该人的现状财富参考点的偏差。 但是，随着时间的流逝，每种收益或损失都有可能随着个人适应财富变化而改变参考点。 我们的飞行员数据表明​​，人们更容易适应其参考点而不是损失。对收益的更快适应会导致立即使人们精神上吸收这些收益，但对随后的收益不满，相对于新的，提高的参考点而言，这令人印象深刻。 对损失的适应速度较慢，可以通过推迟新的，较低的财富水平的同化来减少痛苦，但也降低了与未来的收益或损失相关的满意度。 我们的建议旨在调查个人准备适应收益与损失的愿望，影响适应的因素以及发生适应的手段。问卷和具有实际货币回报的新的实验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运动。 我们还将继续进行研究，我们已经开始使用美国经纪公司的实际交易数据来测试有关参考点适应的预测。研究人员最近发现，在美国金融市场中存在某些异常价格模式，在亚洲市场中存在一些异常的价格模式，相反。 同样，已经证明风险偏好和信息处理方式在亚洲和西方文化上有所不同。 除了在美国收集数据外，我们还将在韩国和中国进行实验，以探索文化差异是否影响参考点的适应，这反过来又可能导致股票回报行为的各个国家的差异。