✦ LIBER ✦

Similarities and differences between stockpiling and reference effects

✍ Scribed by Robert Slonim; Ellen Garbarino

Publisher: John Wiley and Sons
Year: 2009
Tongue: English
Weight: 279 KB
Volume: 30
Category: Article
ISSN: 0143-6570
DOI: 10.1002/mde.1453

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

The correlation of past prices and demand is commonly attributed to reference effects. Although reference dependence is robust, support for loss aversion is mixed; some find demand more sensitive to price increases, consistent with loss aversion, others find no difference or greater sensitivity to price decreases. Stockpiling offers an explanation for these mixed findings. Combining theory, analytical models and simulations, stockpiling and reference dependence predict similar effects and the more stockable the product, the greater sensitivity of demand to price decreases, the opposite of loss aversion. We show that a model combining stockpiling and reference effects best aligns with previous findings and under what conditions each effect should dominate. Copyright © 2008 John Wiley & Sons, Ltd.

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