Decision theories, such as Prospect Theory, have long made use of reference points. Tri- Reference Point Theory, in contrast to other theories, proposes more than a single point of reference. The three reference points—minimum requirement (MR), status quo (SQ), and goals (G)—were manipulated between gambles in the present study. As part of their participation, 119 undergraduate students from a large Midwestern university were asked to choose between two gambles and then rate the importance of each of three reference points manipulated in the study. A series of logistic regressions were used to determine if rated importance of a reference point predicted the likelihood of choosing a specific gamble that would allow them to reach that reference point. Findings from this study imply that multiple reference points should be considered in future research of human decision making.
Kenney, Kevin L.
"Risky Choice Decisions from a Tri-Reference Point
Academic Leadership Journal in Student Research: Vol. 4
, Article 4.
Available at: https://scholars.fhsu.edu/aljsr/vol4/iss1/4