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Loss aversion, reference dependence and diminishing sensitivity in choice experiments
Journal of Choice Modelling ( IF 4.164 ) Pub Date : 2020-07-30 , DOI: 10.1016/j.jocm.2020.100230
Anthony Scott , Julia Witt

This paper tests for the existence of loss aversion, reference dependence and diminishing sensitivity in a discrete choice experiment (DCE). A status quo alternative is introduced in a DCE of nurses' job choices and modeled as an individual-specific third alternative representing the respondent's current job. This provides a feasible method for including a status quo, which changes the reference point for each respondent. The increased salience of the status quo changes the size of any losses or gains when comparing Job A or Job B with their current situation, and since losses are valued more than gains, affects the marginal utility of each attribute. Models that differentially incorporate loss aversion, reference dependence and changes in sensitivity yield varying estimates of marginal rates of substitution, suggesting that consideration of these effects is important, particularly when policy implications are sought.



中文翻译:

选择实验中的损失回避,参考依赖和敏感性降低

本文测试了离散选择实验(DCE)中是否存在损失厌恶,参考依赖性和灵敏度降低的问题。在护士的工作选择的DCE中引入了一种现状选择,并将其建模为代表受访者当前工作的特定于个人的第三种选择。这提供了一种包括现状的可行方法,该方法可以更改每个受访者的参考点。当将工作A或工作B与当前状况进行比较时,增加的现状显着性会改变任何损失或收益的大小,并且由于损失的价值大于收益,因此会影响每个属性的边际效用。差异性地包含损失规避,参考依赖和敏感性变化的模型会产生不同的边际替代率估算值,

更新日期:2020-07-30
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