| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16560 |
| DP16560 The Welfare Economics of Reference Dependence | |
| Daniel Reck; Arthur Seibold | |
| 发表日期 | 2021-09-15 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Empirical evidence suggests individuals often evaluate options relative to a reference point, especially seeking to avoid losses. We analyze welfare under reference dependence. We describe how welfare effects of policies depend on normative judgments about whether reference dependence reflects a bias or normative preference. Lowering reference points generally improves welfare, absent countervailing externalities or biases. Conversely, welfare effects of price changes depend strongly on normative judgments. We apply our theory to reference dependence exhibited in German workers’ retirement decisions. Our results suggest positive welfare effects of increasing the Normal Retirement Age but ambiguous effects of financial incentives to postpone retirement. |
| 主题 | Public Economics |
| 关键词 | Reference dependence Behavioral welfare economics Public pensions |
| URL | https://cepr.org/publications/dp16560 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545511 |
| 推荐引用方式 GB/T 7714 | Daniel Reck,Arthur Seibold. DP16560 The Welfare Economics of Reference Dependence. 2021. |
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