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Firm Behavior under Consumer Loss Aversion

김상현|Jihong Lee
경제연구소 (Hanyang Economic Research Institute)|2014.05|Seoul Journal of Economics|제27권 제2호|pp. 171-186|DOI 10.22904/sje.2014.27.2.003

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참고문헌

키워드

SurveyProduct differentiationLoss aversionPrice discriminationAgency problemReference-dependent preferencesPersonal equilibriumMonopoly pricing
주제분류경제학

초록

This survey aims to provide an overview of recent developmentsin the industrial organization literature that explores the behavior ofprofit-maximizing firms facing consumers with reference-dependentpreferences and loss aversion. We discuss the implications of lossaversion on the practice of price discrimination, product differentiation,and incentive provision, among others. A common theme is emergingfrom these studies: consumer loss aversion may serve to limit thebenefits from complex firm strategies that depend on the realizations of uncertainty.

Abstract

This survey aims to provide an overview of recent developmentsin the industrial organization literature that explores the behavior ofprofit-maximizing firms facing consumers with reference-dependentpreferences and loss aversion. We discuss the implications of lossaversion on the practice of price discrimination, product differentiation,and incentive provision, among others. A common theme is emergingfrom these studies: consumer loss aversion may serve to limit thebenefits from complex firm strategies that depend on the realizations of uncertainty.

참고문헌 (47)

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