Goals as Reference Points: Empirical Evidence from a Virtual Reward System

  title={Goals as Reference Points: Empirical Evidence from a Virtual Reward System},
  author={Tobias von Rechenberg and Dominik Gutt and Dennis Kundisch},
  journal={Decision Analysis},
Heath et al. (1999) propose a prospect theory model for goal behavior which offers insights on how goals affect individual and group performance. Their analytical model is based on the assumption that goals inherit the main properties of the prospect theory value function, i.e., reference point dependence, loss aversion, and diminishing sensitivity. Evidence from laboratory experiments as well as first evidence from the field support this modeling choice. In this paper, we complement this work… CONTINUE READING
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