Suppose Jimi has reference dependent preferences over guitars and money as in Tversky and Kahneman (1991). His utility functions are given below. Gains Gains 400 2 -2 -2 Guitars 24 Losses Losses -600 -2 What is the least amount of money Jimi is willing to accept to sell one of his guitars? (just enter a dollar amount, i.e., "1000", not "$1000"

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter21: Demand: Consumer Choic
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Suppose Jimi has reference dependent preferences over guitars and money as in Tversky and Kahneman (1991). His utility
functions are given below.
Gains
Gains
400
2
-2
-2
Guitars
24
Losses
Losses
-600
-2
What is the least amount of money Jimi is willing to accept to sell one of his guitars? (just enter a dollar amount, i.e., "1000", not
"$1000"
Transcribed Image Text:Suppose Jimi has reference dependent preferences over guitars and money as in Tversky and Kahneman (1991). His utility functions are given below. Gains Gains 400 2 -2 -2 Guitars 24 Losses Losses -600 -2 What is the least amount of money Jimi is willing to accept to sell one of his guitars? (just enter a dollar amount, i.e., "1000", not "$1000"
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