@TechReport{iza:izadps:dp15375,
            	author={Rutledge, Robert and Alladi, Vinayak and Cheung, Stephen L.},
            	title={Price Expectations and Reference-Dependent Preferences},
            	year={2022},
	month={Jun},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={15375},
            	url={https://www.iza.org/publications/dp15375},
	abstract={We experimentally test Kőszegi and Rabin's (2006, 2007) theory of reference-dependent preferences in the context of price expectations. In an incentivised valuation task, participants are endowed with a mug and provide their willingness to accept (WTA) to sell it. We manipulate the sale price in a separate, exogenous forced sale scenario, which is predicted to produce a 'comparison effect', moving WTA in the opposite direction to the forced sale price. Consistent with the theory, we observe a treatment effect of between AUD $0.79 and $2.06 in the hypothesised direction; however, it is statistically insignificant. We also elicit participants' loss aversion to account for heterogeneity in the theorised effect; however, controlling for the interaction between our treatment and loss aversion does not consistently strengthen our result.},
	keywords={comparison effect;price expectations;reference dependence;loss aversion},
            }