| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 7348872 | Economics Letters | 2018 | 5 Pages |
Abstract
This paper finds that in portfolio choice where reference point arises endogenously in personal equilibria, investors behave as if they had a concave probability weighting function. This finding establishes a link between the reference-dependent utility and the rank-dependent utility theories.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Jing Ai, Lin Zhao, Wei Zhu,