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Related Experiment Videos

Goals as reference points.

C Heath1, R P Larrick, G Wu

  • 1Fuqua School of Business, Duke University, Durham, NC 27708, USA. heath@mail.duke.edu

Cognitive Psychology
|March 26, 1999
PubMed
Summary
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Goals function as reference points, influencing outcomes like Prospect Theory

Area of Science:

  • Behavioral Economics
  • Cognitive Psychology
  • Decision Science

Background:

  • Prospect Theory (Kahneman & Tversky, 1979; Tversky & Kahneman, 1992) describes decision-making under risk.
  • Goals are fundamental in understanding human motivation and behavior.
  • Previous research has explored goal-setting's impact on affect, effort, persistence, and performance.

Purpose of the Study:

  • To investigate goals as reference points influencing outcomes.
  • To demonstrate that goals exhibit properties of the Prospect Theory value function.
  • To explain existing goal literature findings through the lens of the value function.

Main Methods:

  • Conceptual analysis linking goal theory with Prospect Theory.
  • Review and synthesis of empirical evidence from the goal literature.

Related Experiment Videos

  • Application of the value function framework to explain observed phenomena.

    • Main Results:

    • Goals serve as reference points, shaping perceptions of outcomes.
    • Goals demonstrate loss aversion and diminishing sensitivity, consistent with the value function.
    • The value function effectively explains empirical findings on affect, effort, persistence, and performance in goal pursuit.

    Conclusions:

    • Goals are not merely targets but reference points that shape behavior.
    • Prospect Theory's value function provides a robust framework for understanding goal dynamics.
    • This integration offers novel insights into motivation, decision-making, and performance.