A Test of the Theory of Reference-Dependent Preferences

Bateman, Ian J.; Munro, Alistair; Rhodes, Bruce; Starmer, Chris; Sugden, Robert

doi:10.1017/cbo9780511803475.011

Cited by 64 publications

(95 citation statements)

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“…The materials used consisted of a questionnaire that included three sections. The first section consisted of an equivalent gain behavioral lottery task (Bateman et al, 1997). This consisted of two pages of options that asked participants to choose between a series of options consisting of a monetary amount and a box of chocolates, e.g., "We give you £0.60 or we give you a box of 8 chocolates."…”

Section: Methodsmentioning

confidence: 99%

“…The former producing estimates that are generally lower than the latter form of estimates. Differences may have arisen because of loss-aversion differences 4 and if loss aversion is treated as a bias then an equivalent gain task may be a more appropriate valuation technique (Bateman et al, 1997). Equivalent gain methods treat both the money and the good symmetrically as gains, effectively removing the influence of loss-aversion effects.…”

Section: Behavior Toward Gm Foodmentioning

confidence: 99%

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Examining Consumer Behavior Toward Genetically Modified (GM) Food in Britain

Spence¹,

Townsend²

2006

Risk Analysis

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This study examined behavior toward genetically modified (GM) food in a British community‐based sample. We used an equivalent gain task in which participants actually received the options they chose to encourage truthful responding. In conjunction with this, theory of planned behavior (TPB) components were evaluated so as to examine the relative importance of behavioral influences in this domain. Here, the TPB was extended to include additional components to measure self‐identity, moral norms, and emotional involvement. Results indicated that the monetary amounts participants accepted in preference to GM food were significantly lower than those accepted in preference to non‐GM food. However, the vast majority of participants were indifferent between GM and non‐GM food options. All TPB components significantly predicted behavioral intentions to try GM food, with attitudes toward GM being the strongest predictor. Self‐identity and emotional involvement were also found to be significant predictors of behavioral intentions but moral norms were not. In addition, behavioral intentions significantly predicted behavior; however, PBC did not. An additional measure of participants' propensity to respond in a socially desirable manner indicated that our results were not influenced by self‐presentation issues, giving confidence to our findings. Overall, it appears that the majority of participants (74.5%) would purchase GM food at some price.

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Section: Methodsmentioning

confidence: 99%

Section: Behavior Toward Gm Foodmentioning

confidence: 99%

Examining Consumer Behavior Toward Genetically Modified (GM) Food in Britain

Spence¹,

Townsend²

2006

Risk Analysis

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“…The y-axis could represent an index like vulnerability, lives saved, or happiness, depending on what the policy question is that drives the research. Understanding tradeoffs or cost effectiveness does not require monetizing the benefits, which can be difficult and imprecise (see Kahneman et al 1993, Bateman et al 1997a.…”

Section: Economic Framework Ecosystem Servicesmentioning

confidence: 99%

Ecosystem Services and Economic Theory: Integration for Policy‐relevant Research

Fisher

Turner

Zylstra³

et al. 2008

Ecological Applications

457

280

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It has become essential in policy and decision-making circles to think about the economic benefits (in addition to moral and scientific motivations) humans derive from well-functioning ecosystems. The concept of ecosystem services has been developed to address this link between ecosystems and human welfare. Since policy decisions are often evaluated through cost-benefit assessments, an economic analysis can help make ecosystem service research operational. In this paper we provide some simple economic analyses to discuss key concepts involved in formalizing ecosystem service research. These include the distinction between services and benefits, understanding the importance of marginal ecosystem changes, formalizing the idea of a safe minimum standard for ecosystem service provision, and discussing how to capture the public benefits of ecosystem services. We discuss how the integration of economic concepts and ecosystem services can provide policy and decision makers with a fuller spectrum of information for making conservation-conversion trade-offs. We include the results from a survey of the literature and a questionnaire of researchers regarding how ecosystem service research can be integrated into the policy process. We feel this discussion of economic concepts will be a practical aid for ecosystem service research to become more immediately policy relevant.

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“…2 The property of invariance is not restricted to expected utility theories but also holds for various generalizations, (see e.g., Starmer, 2000). 3 A few examples of how framing influences a wide range of other economic decisions are Andreoni (1995), Bateman et al (1997), and Shafir, Diamond, and Tversky (1997), among many others. Bruine de Bruin (2010) and references therein discuss specific issues related to framing in a survey context.…”

Section: Introductionmentioning

confidence: 99%

FRAMING AND CLAIMING: HOW INFORMATION‐FRAMING AFFECTS EXPECTED SOCIAL SECURITY CLAIMING BEHAVIOR

Brown

Kapteyn

Mitchell

2013

J of Risk & Insurance

102

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This paper provides evidence that Social Security benefit claiming decisions are strongly affected by framing and are thus inconsistent with expected utility theory. Using a randomized experiment that controls for both observable and unobservable differences across individuals, we find that the use of a “breakeven analysis” encourages early claiming. Respondents are more likely to delay when later claiming is framed as a gain, and the claiming age is anchored at older ages. Additionally, the financially less literate, individuals with credit card debt, and those with lower earnings are more influenced by framing than others.

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A Test of the Theory of Reference-Dependent Preferences

Cited by 64 publications

References 0 publications

Examining Consumer Behavior Toward Genetically Modified (GM) Food in Britain

Examining Consumer Behavior Toward Genetically Modified (GM) Food in Britain

Ecosystem Services and Economic Theory: Integration for Policy‐relevant Research

FRAMING AND CLAIMING: HOW INFORMATION‐FRAMING AFFECTS EXPECTED SOCIAL SECURITY CLAIMING BEHAVIOR

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