An axiomatic characterization of value judgments relative to a reference point

Much theoretical and experimental work suggest that individual preferences depend on the individual's reference point (or status quo, or standard). We present an axiomatic characterization of value judgments relative to a reference point. The derived models present closed formulas for the reference comparison function, and include the reference point. By these functional forms of the possible reference comparison functions, the role of the reference point in the relative judgment is characterized.