It holds that people evaluate outcomes and express preferences relative to an existing reference point, or status quo.
Alternative reference points are used by researches commonly in the school of phycology but present some challenges to the methodologies of studies.
Through a series of lottery and chance experiments, individuals were influenced in their pricing decisions based on a randomised reference point.
[5] The study by Markle et al. demonstrated that the changing of goals as reference points shape the value they weighted on their marathon.
Previous performance in marathons was a contributing factor in satisfaction aiding in the evidence of the hypothesises presented by Larsen [8] et al. on mixed emotions.