What is the importance of reference point in loss aversion, Microeconomics

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What is the importance of reference point in loss aversion

Problem

1. How does the endowment effect contradict aspects of conventional economic theory?

2. What is the importance of the reference point in loss aversion?

3. Describe one example of anchoring.

4. How does mental accounting affect individuals' consumption decisions?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What is the importance of reference point in loss aversion

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Microeconomics: What is the importance of reference point in loss aversion

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