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Law, Psychology, and MoralityThe Role of Loss Aversion$
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Eyal Zamir

Print publication date: 2014

Print ISBN-13: 9780199972050

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199972050.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 05 August 2021

Loss Aversion

Loss Aversion

An Overview

(p.3) 1 Loss Aversion
Law, Psychology, and Morality

Eyal Zamir

Oxford University Press

Chapter 1 provides an overview of loss aversion. After a historical account, it describes the experimental and empirical findings that demonstrate loss aversion and elucidate its relationships to more specific phenomena, such as the status quo bias and omission bias, endowment effect, escalation of commitment, and bounded ethicality. The chapter also reviews studies of the relationship between loss aversion and emotions; the neural basis of loss aversion; and hypotheses about its evolutionary roots. It examines what happens when competing and multiple reference points exist, and highlights the generality of reference-dependence in people’s perceptions and judgments. It also examines the effect of professional experience and group decision-making on loss aversion, and reviews attempts to “debias” loss aversion. It mentions other theories that share the notion that losses loom larger than gains, and discusses critiques of prospect theory. Finally, it points to the impact that loss aversion has had on several disciplines.

Keywords:   bounded ethicality, emotions, endowment effect, group decision-making, omission bias, neuropsychology, prospect theory, reference-dependence, regret, status quo bias

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