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，每个收益或损失都有可能改变个人适应财富变化的参考点。 我们的试点数据表明，人们更容易调整他们的参考点，以获得比损失。更快地适应收益，会使人在心理上消化这些收益，从而立即感到满足，但对随后的收益感到不满，相对于新的、更高的参考点，这种不满感觉不那么令人印象深刻。 对损失的缓慢适应通过推迟对新的、较低的财富水平的同化来减少眼前的痛苦，但也降低了与未来收益或损失相关的满意度。 我们的建议是为了调查个人的准备，以适应收益与损失，影响适应的因素，以及适应发生的方式。将使用具有真实的货币收益的新的实验拍卖设计和标准来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，我们已经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性的预测。研究人员最近发现，美国金融市场存在一些异常的价格模式，而亚洲市场则没有。 此外，风险偏好和信息处理风格已被证明在亚洲和西方文化中存在差异。 除了在美国收集数据外，我们还将在韩国和中国进行实验，以探讨文化差异是否会影响参考点适应，这反过来可能会导致各国股票收益行为的差异。