Dear all,

I am currently a student at Vienna University of Economics and Business studying a Master's degree in Quantitative Finance. As a part of the research for my Master's thesis, I am conducting an online survey on the dynamics of reference-point formation. The main objective of this survey is to analyze the impact of past price sequences on reference-price formation.

I would be very grateful if you could support me in my research project by answering a few questions. Filling out the survey requires approximately 10 minutes, and it is available under the following link:

https://surveys.wu.ac.at/refpoint/index.php/381314

All answers will be kept strictly confidential and the information provided will be used exclusively for research purposes.

Thank you in advance for taking your valuable time to fill out this survey. In case of any questions, please do not hesitate to contact me: martina.donauerova@s.wu.ac.at.

Your kind cooperation is highly appreciated, thank you very much!

Kind regards,

Martina Donauerova