Aspirations as reference points: an experimental investigation of risk behavior over time

Volume: 75, Issue: 2, Pages: 193 - 210
Published: Jul 13, 2012
Abstract
This paper examines the importance of aspirations as reference points in a multi-period decision-making context. After stating their personal aspiration level, 172 individuals made six sequential decisions among risky prospects as part of a choice experiment. The results show that individuals make different risky-choices in a multi-period compared to a single-period setting. In particular, individuals’ aspiration level is their main reference...
Paper Details
Title
Aspirations as reference points: an experimental investigation of risk behavior over time
Published Date
Jul 13, 2012
Volume
75
Issue
2
Pages
193 - 210
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