In a stock market experiment, we examine how regret avoidance influences the decision to sell an asset while its price changes over time. Participants know beforehand whether they will observe the future prices after they sell the asset or not. Without future prices, participants are affected only by regret about previously observed high prices (past regret), but when future prices are available, they also avoid regret about expected after-sale high prices (future regret). Moreover, as the relative sizes of past and future regret change, participants dynamically switch between them. This demonstrates how multiple reference points dynamically influence sales. (JEL C91, G12, G41)

中文翻译：

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动态后悔避免

在股票市场实验中，我们研究了当资产价格随时间变化时，避免后悔如何影响出售资产的决定。参与者事先知道他们是否会在出售资产后观察未来价格。如果没有未来价格，参与者只会受到对先前观察到的高价的遗憾（过去的遗憾）的影响，但是当未来的价格可用时，他们也会避免对预期的售后高价的遗憾（未来的遗憾）。此外，随着过去和未来遗憾的相对大小发生变化，参与者会在它们之间动态切换。这展示了多个参考点如何动态影响销售。(JEL C91, G12, G41)