We formally represent the effects of prior gains and losses in a simple dynamic preference calculus based on prospect theory's value function and thoughts adapted from aspiration level theories. We investigate our predictions in questionnaire experiments. Since we document a strong effect of...

We formally represent the effects of prior gains and losses in a simple dynamic preference calculus based on prospect theory s value function and thoughts adapted from aspiration level theories. We investigate our predictions in questionnaire experiments. Since we document a strong effect of...

We formally represent the effects of prior gains and losses in a simple dynamic preference calculus based on prospect theorys value function and thoughts adapted from aspiration level theories. We investigate our predictions in questionnaire experiments. Since we document a strong effect of...