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http://hdl.handle.net/10419/36347
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| Title: | | A structural analysis of disappointment aversion in a real effort competition  |
| Authors: | | Gill, David Prowse, Victoria |
| Issue Date: | | 2009 |
| Series/Report no.: | | IZA Discussion Papers 4536 |
| Abstract: | | We develop a novel computerized real effort task, based on moving sliders across a screen, to test experimentally whether agents are disappointment averse when they compete in a real effort sequential-move tournament. Our theory predicts that a disappointment averse agent, who is loss averse around her endogenous expectations-based reference point, responds negatively to her rival's effort. We find significant evidence for this discouragement effect, and use the Method of Simulated Moments to estimate the strength of disappointment aversion on average and the heterogeneity in disappointment aversion across the population. |
| Subjects: | | Disappointment aversion loss aversion reference-dependent preferences reference point adjustment expectations tournament real effort experiment slider task |
| JEL: | | C91 D03 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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