Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
972377 | Mathematical Social Sciences | 2006 | 12 Pages |
Abstract
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.
Keywords
Related Topics
Physical Sciences and Engineering
Mathematics
Applied Mathematics
Authors
Ákos Münnich,