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The Simultaneous Use of Multiple Reference Points in Risky Decision Making

Koop, Gregory J.
http://rave.ohiolink.edu/etdc/view?acc_num=miami1256927382

Abstract Details

2009, Master of Arts, Miami University, Psychology.
Among psychologists and economists, prospect theory continues to be one of the most popular models of decision making. The theory’s key property is reference dependence; specifically, how an individual’s perception of loss or gain is dependent upon their starting point (i.e. the status quo). Although prospect theory is widely accepted, other authors have sought the inclusion of reference points besides the status quo. Wang and Johnson’s (2009) Tri-Reference Point theory (TRP) proposes three reference points: the goal, status quo, and minimum requirement. In two experiments, we present evidence that individuals simultaneously utilize a minimum requirement, status quo, and goal in a risky decision task. Participants most often chose to maximize their chance of reaching reference points even when that decision was riskier, resulted in lower expect value, or resulted in lower expected utility. Furthermore, salience and ambiguity moderated the use of goals and minimum requirements as reference points.
Joseph Johnson, PhD (Advisor)
Leonard Mark, PhD (Committee Member)
Chris Wolfe, PhD (Committee Member)
31 p.
Psychology
reference point; status quo; decision making

Recommended Citations

Citations

  • Koop, G. J. (2009). The Simultaneous Use of Multiple Reference Points in Risky Decision Making [Master's thesis, Miami University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=miami1256927382

    APA Style (7th edition)

  • Koop, Gregory. The Simultaneous Use of Multiple Reference Points in Risky Decision Making. 2009. Miami University, Master's thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=miami1256927382.

    MLA Style (8th edition)

  • Koop, Gregory. "The Simultaneous Use of Multiple Reference Points in Risky Decision Making." Master's thesis, Miami University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=miami1256927382

    Chicago Manual of Style (17th edition)

miami1256927382
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© 2009, all rights reserved.
This open access ETD is published by Miami University and OhioLINK.