Reference point adaptation: How entrepreneurs adjust risk perceptions after experiencing gains or losses
• Introduces reference point adaptation (RPA) to entrepreneurial decision making via Prospect Theory. • Dispositional traits can influence how entrepreneurs adjust risk reference points. • Self-esteem and locus of control moderate the RPA to risk-taking behavior relationship. • Highlights individual heterogeneity in how entrepreneurs respond to gains and losses.
Authors
- Devaki Rau (ORCID: https://orcid.org/0000-0003-0871-0034)
- Rachel Saef (ORCID: https://orcid.org/0000-0003-4553-3655)
- Timothy L. Michaelis
- Nicholas A. Smith
Institutions
- Northern Illinois University (US)
- North Carolina State University (US)
Publication Details
- Journal
- Journal of Business Venturing Insights
- Published
- 2026-04-16
- DOI
- https://doi.org/10.1016/j.jbvi.2026.e00618
- Primary Topic
- Leadership, Behavior, and Decision-Making Studies
- Type
- article
- Field-Weighted Citation Impact
- 0.00