Although there is enormous evidence that reference levels influence preferences, conjoint models, one of the most successful marketing research tools, assume that preferences depend on the absolute levels of attributes. In this paper we investigate the relevance of reference effects in two...

We show how to calibrate a prospect model of decision making under risk for an individual. The prospect model is empirically compared to a utility model on two criteria, verification of the postulates of each model, and predictive accuracy. The empirical comparison is performed via three...

Purpose: This study aims to answer two unique related questions on the overarching relationship between a CEO’s personal religious affiliation, the firm’s advertising spending decision and its shareholder value. First, does the CEO’s religious affiliation, a proxy for risk taking,...