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Reference-Dependent Preferences
Suppose students at University X are randomly assigned to dorm rooms that house either two students or three students. Knowing that all students would prefer a double rather than a triple room, the director of student housing asks those who were awarded a double rather than a triple room how much they would have to be compensated in order to take a triple room instead. On average, the director finds that they would demand $200.
Drawing on the insights of behavioral economics, you would expect that (on average) students who are initially assigned to triple rooms would be willing to pay (less than, roughly, more than) $200 to get a double rather than a triple room. This reflects the fact that people tend to be (Time-inconsistent, loss-averse, risk-averse, irrational).
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