Samenvatting
Two recent models of risky decision making have emphasized the importance of target return or a reference point in determining preferences and choices among gambles. The target return and reference point concepts represent variations on an old idea in theories of decision making: level of aspiration. Additional evidence on the need to incorporate an aspiration level type of concept in the analysis of risky choice behaviour is presented. A model of the effects of a reference point on risky choice behaviour is presented.