Illustrate what feature of the value function explains

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Reference no: EM1355071

Explain the following almost universal features of late-night infomer- cials (a $2 billion industry) using reference-dependent preferences by answering our three questions:

(i) what outcome is being evaluated in a reference-dependent way?

(ii) what is the reference point?; and

(iii) illustrate what feature of the value function explains the phenomenon, and how?

Reference no: EM1355071

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