An Approach to Testing Reference Points

We are grateful to Ned Augenblick, Stefano DellaVigna, Lorenz Goette, Ori Heffetz, Alex Imas, Botond Koszegi, Francesca Molinari, Muriel Niederle, Ted O'Donoghue, Collin Raymond, and Charlie Sprenger, as well as seminar audiences at the BEEMA Annual Conference, the ESA Annual Meetings, the National University of Singapore, SITE-Experimental Economics, Stanford University, the SOBE Conference, Swarthmore College, UC Berkeley, UC Santa Barbara, and the University of Pennsylvania for helpful advice on this project. We thank the University Research Foundation at the University of Pennsylvania and the Wharton Behavioral Lab for financial support. The project described in this paper relies on data from surveys administered by the Understanding America Study, which is maintained by the Center for Economic and Social Research (CESR) at the University of Southern California. The views expressed herein are those of the authors and do not necessarily reflect the views of USC, the UAS, or the National Bureau of Economic Research