Influence of endogenous reference points on the selling decisions of retail investors

2020 ◽  
Author(s):  
Avijit Bansal ◽  
Joshy Jacob ◽  
Ajay Pandey
Keyword(s):  
Reference Points ◽  
Retail Investors ◽  
Endogenous Reference ◽  
Selling Decisions

scholarly journals Endogenous reference points in bargaining

2018 ◽  
Vol 88 (2) ◽  
pp. 283-295 ◽  
Author(s):  
Emin Karagözoğlu ◽  
Kerim Keskin
Keyword(s):  
Reference Points ◽  
Endogenous Reference

Expectations-Based Reference-Dependence and Choice Under Risk

2019 ◽  
Vol 129 (622) ◽  
pp. 2424-2458
Author(s):  
David J Freeman
Keyword(s):  
Equilibrium Model ◽  
Revealed Preference ◽  
Reference Points ◽  
Independence Axiom ◽  
Reference Dependence ◽  
Endogenous Reference ◽  
Personal Equilibrium ◽  
Weak Axiom ◽  
Reference Dependent Preferences

Abstract This article characterises the behavioural content of a model of choice under risk with reference-dependent preferences and endogenous expectations-based reference points based on the preferred personal equilibrium model of Kőszegi and Rabin (2006). The combination of reference-dependent preferences and endogenous reference points leads to violations of the Independence Axiom and can also lead to violations of the Weak Axiom of Revealed Preference. An axiomatic characterisation shows that the model places testable restrictions on choice under risk.

Reference Coordinate System Requirements for Geophysics

1975 ◽  
Vol 26 ◽  
pp. 87-92
Author(s):  
P. L. Bender
Keyword(s):  
Coordinate System ◽  
Polar Motion ◽  
Main Part ◽  
Measurement Techniques ◽  
Reference Points ◽  
Angular Motion ◽  
Coordinate Systems ◽  
Axis Of Rotation ◽  
The Earth ◽  
Fixed System

AbstractFive important geodynamical quantities which are closely linked are: 1) motions of points on the Earth’s surface; 2)polar motion; 3) changes in UT1-UTC; 4) nutation; and 5) motion of the geocenter. For each of these we expect to achieve measurements in the near future which have an accuracy of 1 to 3 cm or 0.3 to 1 milliarcsec.From a metrological point of view, one can say simply: “Measure each quantity against whichever coordinate system you can make the most accurate measurements with respect to”. I believe that this statement should serve as a guiding principle for the recommendations of the colloquium. However, it also is important that the coordinate systems help to provide a clear separation between the different phenomena of interest, and correspond closely to the conceptual definitions in terms of which geophysicists think about the phenomena.In any discussion of angular motion in space, both a “body-fixed” system and a “space-fixed” system are used. Some relevant types of coordinate systems, reference directions, or reference points which have been considered are: 1) celestial systems based on optical star catalogs, distant galaxies, radio source catalogs, or the Moon and inner planets; 2) the Earth’s axis of rotation, which defines a line through the Earth as well as a celestial reference direction; 3) the geocenter; and 4) “quasi-Earth-fixed” coordinate systems.When a geophysicists discusses UT1 and polar motion, he usually is thinking of the angular motion of the main part of the mantle with respect to an inertial frame and to the direction of the spin axis. Since the velocities of relative motion in most of the mantle are expectd to be extremely small, even if “substantial” deep convection is occurring, the conceptual “quasi-Earth-fixed” reference frame seems well defined. Methods for realizing a close approximation to this frame fortunately exist. Hopefully, this colloquium will recommend procedures for establishing and maintaining such a system for use in geodynamics. Motion of points on the Earth’s surface and of the geocenter can be measured against such a system with the full accuracy of the new techniques.The situation with respect to celestial reference frames is different. The various measurement techniques give changes in the orientation of the Earth, relative to different systems, so that we would like to know the relative motions of the systems in order to compare the results. However, there does not appear to be a need for defining any new system. Subjective figures of merit for the various system dependon both the accuracy with which measurements can be made against them and the degree to which they can be related to inertial systems.The main coordinate system requirement related to the 5 geodynamic quantities discussed in this talk is thus for the establishment and maintenance of a “quasi-Earth-fixed” coordinate system which closely approximates the motion of the main part of the mantle. Changes in the orientation of this system with respect to the various celestial systems can be determined by both the new and the conventional techniques, provided that some knowledge of changes in the local vertical is available. Changes in the axis of rotation and in the geocenter with respect to this system also can be obtained, as well as measurements of nutation.

Cognitive Reflection Effects on Time Discounting

2018 ◽  
Vol 39 (2) ◽  
pp. 99-106 ◽  
Author(s):  
Michał Białek ◽  
Przemysław Sawicki
Keyword(s):  
Individual Differences ◽  
Individual Difference ◽  
Delay Discounting ◽  
Reference Point ◽  
Reference Points ◽  
Cognitive Reflection Test ◽  
Process Information ◽  
Time Discounting ◽  
Cognitive Reflection ◽  
The Way

Abstract. In this work, we investigated individual differences in cognitive reflection effects on delay discounting – a preference for smaller sooner over larger later payoff. People are claimed to prefer more these alternatives they considered first – so-called reference point – over the alternatives they considered later. Cognitive reflection affects the way individuals process information, with less reflective individuals relying predominantly on the first information they consider, thus, being more susceptible to reference points as compared to more reflective individuals. In Experiment 1, we confirmed that individuals who scored high on the Cognitive Reflection Test discount less strongly than less reflective individuals, but we also show that such individuals are less susceptible to imposed reference points. Experiment 2 replicated these findings additionally providing evidence that cognitive reflection predicts discounting strength and (in)dependency to reference points over and above individual difference in numeracy.

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