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According to most definitions we find strong evidence of loss aversion, at both the aggregate and the individual level Prospect theory and loss aversion suggests that most people would choose option b as they prefer the guaranteed $920 since there is a probability of winning $0, even though it is only 1%. The degree of loss aversion varies with the definition used, which underlines the need for a commonly accepted definition of loss aversion.
Our main result is that students who are more loss averse are less likely to answer a question This resembles the monetary lottery that we use in the classroom experiment to elicit individual degrees of loss aversion and suggests that loss aversion could play out in a similar way in both environments. We found significant loss aversion for both small stakes and high stakes
The overall loss aversion coefficient varied between 1.25 and 1.45, less than commonly observed.
In an experiment, we demonstrate these features for risk and extend the tool to ambiguity We find median values of = 1 at the aggregate level for both sources of uncertainty Probability and event weighting are less pronounced but accord with earlier findings from the literature. We offer a new psychological explanation of the origins of loss aversion in which loss aversion emerges from differences in the distribution of gains and losses people experience.
In the following mathematical examples, i demonstrate the operation of prospect theory through various scenarios, illustrating how individuals make decisions under uncertainty based on reference points, loss aversion, and diminishing sensitivity to gains and losses. Loss aversion is one of the most widely used concepts in behavioral economics
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