Question: People have reference dependent preference. Explain the statement and explain how decision making can be deviated from reference dependent preferences. (Using knowledge from Behavioural Economics)

People have reference dependent preference. Explain the statement and explain how decision making can be deviated from reference dependent preferences. (Using knowledge from Behavioural Economics)

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Referencedependent preferences are based on comparisons to reference points often status quo previous states and expectations about future conditions ... View full answer

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