Reference dependence means that an individual judges the value of gains and losses based on a reference point. Above the reference point, the individual feels the gain, and vice versa. The perception of loss and gain depends on the choice of the reference point.
According to the above definition, which of the following is not reference dependency?
Xiao Zhang was originally satisfied with his income. He heard that Xiao Li who joined the company at the same time as himself. Now that Xiao Li, who is also a project manager, has a 10% higher income than himself, Xiao Zhang is not so satisfied with his income.