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Reference-Dependent Preferences : Models and Experiments

In economic situations people form expectations prior to their decisions. These expectations represent a reference point and exert a strong influence on decision making and preferences. This paper surveys the theory of referencedependent preferences. I will summarize the theoretical framework and present experimental evidence in support of preferences being reference-dependent. Additionally, I will address the still open and fundamental questions of how expectations are formed. That is: How are reference points formed?