On the psychology of loss aversion: Possession, valence, and reversals of the endowment effect

被引:96
作者
Brenner, Lyle [1 ]
Rottenstreich, Yuval
Sood, Sanjay
Bilgin, Baler
机构
[1] Univ Florida, Gainesville, FL 32611 USA
[2] NYU, Stern Sch Business, New York, NY 10014 USA
[3] Univ Calif Los Angeles, Anderson Sch, Los Angeles, CA 90095 USA
关键词
D O I
10.1086/518545
中图分类号
F [经济];
学科分类号
02 ;
摘要
Loss aversion states that "losses loom larger than gains." We consider two types of loss aversion defined by two interpretations of loss. A loss can be defined (1) in terms of valence or (2) in terms of possession. Correspondingly, valence loss aversion (VLA) entails greater sensitivity to negative (vs. positive) changes, and possession loss aversion (PLA) entails greater sensitivity to items leaving (vs. entering) one's possession. Both types of loss aversion imply an endowment effect for attractive items, but PLA implies a reversal of the endowment effect for unattractive items. Experimental results show endowment effect reversals consistent with PLA.
引用
收藏
页码:369 / 376
页数:8
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