caa a22 4500 445890797 CHVBK 20180317145615.0 cr unu---uuuuu 170323e20110301xx s 000 0 eng 10.1007/s11116-010-9302-0 doi (NATIONALLICENCE)springer-10.1007/s11116-010-9302-0 Shift of reference point and implications on behavioral reaction to gains and losses [Elektronische Daten] [Lorenzo Masiero, David Hensher] It is widely recognized that individual decision-making is subject to the evaluation of gains and losses around a reference point. The estimation of discrete choice models increasingly use data from stated choice experiments which are pivoted around a reference alternative. However, to date, the specification of a reference alternative in transport studies has been fixed, whereas it is common to observe individuals adjusting their preferences according to a change in their reference point. This paper focuses on individual reactions, in a freight choice context, to a negative change in the reference alternative values, identifying the behavioural implications in terms of loss aversion and diminishing sensitivity. The results show a significant adjustment in the valuation of gains and losses around a shifted reference alternative. In particular, we find an average increase in loss aversion for cost and time attributes, and a substantial decrease for punctuality. These findings are translated to significant differences in the willingness to pay and willingness to accept measures, providing supporting evidence of respondents' behavioural reaction. Springer Science+Business Media, LLC., 2010 Willingness to pay nationallicence Gains and losses nationallicence Freight choice nationallicence Reference alternative nationallicence Masiero Lorenzo Institute of Transport and Logistics Studies (ITLS), Faculty of Economics and Business, The University of Sydney, 2006, Sydney, NSW, Australia aut Hensher David Institute of Transport and Logistics Studies (ITLS), Faculty of Economics and Business, The University of Sydney, 2006, Sydney, NSW, Australia aut Transportation Springer US; http://www.springer-ny.com 38/2(2011-03-01), 249-271 0049-4488 38:2<249 2011 38 11116 https://doi.org/10.1007/s11116-010-9302-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11116-010-9302-0 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Masiero Lorenzo Institute of Transport and Logistics Studies (ITLS), Faculty of Economics and Business, The University of Sydney, 2006, Sydney, NSW, Australia aut NATIONALLICENCE 700 1- Hensher David Institute of Transport and Logistics Studies (ITLS), Faculty of Economics and Business, The University of Sydney, 2006, Sydney, NSW, Australia aut NATIONALLICENCE 773 0- Transportation Springer US; http://www.springer-ny.com 38/2(2011-03-01), 249-271 0049-4488 38:2<249 2011 38 11116 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer