000			01598nam a22001577a 4500
999			_c525943 _d525943
008			240426b ||||| |||| 00| 0 eng d
100			_aKibris, O., Masatlioglu. Y. and Suleymanov, E. _951892
245			_aA random reference model
260			_aAmerican Economic Journal: Microeconomics
300			_a16(1), Feb, 2024: p.155-209
520			_aThis study introduces two nested models of random reference-dependent choice, where the reference point is determined by random processes. Despite the randomness in reference points, choices appear deterministic to decision-makers. The analysis includes a revealed preference framework to identify reference-dependent preferences and the random reference rule from observed choice data. Behavioral postulates are formulated to outline the empirical content of these models, ensuring their theoretical robustness. Furthermore, the study explores the application of these models to Bertrand competition with differentiated products, highlighting their practical relevance. These findings contribute to a deeper understanding of random reference-dependent behavior and its implications in both theoretical and applied contexts, such as market competition and consumer choice theory.- Reproduced https://www.aeaweb.org/articles?id=10.1257/mic.20220089
650			_aRandom Reference-Dependent Choice, Deterministic Choices, Revealed Preference, Behavioral Postulates, Empirical Models, Bertrand Competition, Differentiated Products _951893
773			_aAmerican Economic Journal: Microeconomics
906			_aDECISION MAKING
942			_cAR