Reference incomes, loss aversion, and physician behavior
Reference incomes, loss aversion, and physician behavior
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DOI：
10.1162/003465303772815817
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发表时间：
2003-11-01
影响因子：
8
通讯作者：
Zeckhauser, RJ
中科院分区：
文献类型：
--
作者：
Rizzo, JA;Zeckhauser, RJ
我们研究了参考收入对年轻男性医生行为的影响。使用一组独特的数据，我们将医生的参考和实际收入与他们随后的收入增长联系起来。参考收入对低于参考点的医生的后续收入有很强的积极影响，但对处于或高于参考点的医生没有影响。损失厌恶假设在参考点上效用会发生扭曲，解释了这种令人困惑的模式。医生对参考点的不足反应强烈他们采取不吸引人的行动来提高收入因为收入的边际效用在这个范围内是陡峭的。在这里测试的竞争突出的理论，无法解释这些关系。
We examine the effects of reference income on the behavior of young male physicians. Using a unique panel of data, we relate physicians' reference and actual incomes to their subsequent income growth. Reference income has a strong positive effect on subsequent income for physicians who are below their reference points, but not for physicians who are at or above their reference points. Loss aversion, which posits a kink in utility at the reference point, explains this puzzling pattern. Physicians respond strongly to shortfalls from the reference point-they take unappealing actions to boost earnings-because the marginal utility of income is steep in that range. Competing prominent theories, tested here, fail to explain these relationships.