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- Loss_aversion abstract "In economics and decision theory, loss aversion refers to people's tendency to strongly prefer avoiding losses to acquiring gains. Most studies suggest that losses are twice as powerful, psychologically, as gains. Loss aversion was first demonstrated by Amos Tversky and Daniel Kahneman.This leads to risk aversion when people evaluate an outcome comprising similar gains and losses; since people prefer avoiding losses to making gains.Loss aversion may also explain sunk cost effects.Loss aversion implies that one who loses $100 will lose more satisfaction than another person will gain satisfaction from a $100 windfall. In marketing, the use of trial periods and rebates tries to take advantage of the buyer's tendency to value the good more after the buyer incorporates it in the status quo.Note that whether a transaction is framed as a loss or as a gain is very important to this calculation: would you rather get a $5 discount, or avoid a $5 surcharge? The same change in price framed differently has a significant effect on consumer behavior. Though traditional economists consider this "endowment effect" and all other effects of loss aversion to be completely irrational, that is why it is so important to the fields of marketing and behavioral finance. The effect of loss aversion in a marketing setting was demonstrated in a study of consumer reaction to price changes to insurance policies. The study found price increases had twice the effect on customer switching, compared to price decreases.A concept related to loss aversion is also differential framing of decision attributes, which can affect people's relative loss aversion.".
- Loss_aversion thumbnail Daniel_KAHNEMAN.jpg?width=300.
- Loss_aversion wikiPageID "547827".
- Loss_aversion wikiPageLength "22448".
- Loss_aversion wikiPageOutDegree "34".
- Loss_aversion wikiPageRevisionID "678951379".
- Loss_aversion wikiPageWikiLink Amos_Tversky.
- Loss_aversion wikiPageWikiLink Behavioral_economics.
- Loss_aversion wikiPageWikiLink Behavioral_finance.
- Loss_aversion wikiPageWikiLink Capuchin_monkey.
- Loss_aversion wikiPageWikiLink Category:Behavioral_finance.
- Loss_aversion wikiPageWikiLink Category:Cognitive_biases.
- Loss_aversion wikiPageWikiLink Category:Consumer_behaviour.
- Loss_aversion wikiPageWikiLink Category:Decision_theory.
- Loss_aversion wikiPageWikiLink Category:Economics_of_uncertainty.
- Loss_aversion wikiPageWikiLink Category:Prospect_theory.
- Loss_aversion wikiPageWikiLink Coase_theorem.
- Loss_aversion wikiPageWikiLink Cognitive_inertia.
- Loss_aversion wikiPageWikiLink Daniel_Kahneman.
- Loss_aversion wikiPageWikiLink Decision_theory.
- Loss_aversion wikiPageWikiLink Econometrica.
- Loss_aversion wikiPageWikiLink Economics.
- Loss_aversion wikiPageWikiLink Endowment_effect.
- Loss_aversion wikiPageWikiLink Equity_premium_puzzle.
- Loss_aversion wikiPageWikiLink Good_(economics).
- Loss_aversion wikiPageWikiLink Irrationality.
- Loss_aversion wikiPageWikiLink Journal_of_Political_Economy.
- Loss_aversion wikiPageWikiLink List_of_cognitive_biases.
- Loss_aversion wikiPageWikiLink Marketing.
- Loss_aversion wikiPageWikiLink Merit_pay.
- Loss_aversion wikiPageWikiLink Quarterly_Journal_of_Economics.
- Loss_aversion wikiPageWikiLink Risk_aversion.
- Loss_aversion wikiPageWikiLink Standard_deviation.
- Loss_aversion wikiPageWikiLink Standard_deviations.
- Loss_aversion wikiPageWikiLink Status_quo_bias.
- Loss_aversion wikiPageWikiLink Sunk_cost.
- Loss_aversion wikiPageWikiLink Sunk_costs.
- Loss_aversion wikiPageWikiLink Willingness_to_accept.
- Loss_aversion wikiPageWikiLink Willingness_to_pay.
- Loss_aversion wikiPageWikiLink Windfall_gain.
- Loss_aversion wikiPageWikiLink File:Daniel_KAHNEMAN.jpg.
- Loss_aversion wikiPageWikiLinkText "Loss Aversion".
- Loss_aversion wikiPageWikiLinkText "Loss aversion".
- Loss_aversion wikiPageWikiLinkText "avoid perceived losses".
- Loss_aversion wikiPageWikiLinkText "dire consequence".
- Loss_aversion wikiPageWikiLinkText "loss aversion".
- Loss_aversion hasPhotoCollection Loss_aversion.
- Loss_aversion wikiPageUsesTemplate Template:Cite_journal.
- Loss_aversion wikiPageUsesTemplate Template:Portal.
- Loss_aversion wikiPageUsesTemplate Template:Reflist.
- Loss_aversion subject Category:Behavioral_finance.
- Loss_aversion subject Category:Cognitive_biases.
- Loss_aversion subject Category:Consumer_behaviour.
- Loss_aversion subject Category:Decision_theory.
- Loss_aversion subject Category:Economics_of_uncertainty.
- Loss_aversion subject Category:Prospect_theory.
- Loss_aversion type Type.
- Loss_aversion type Concept.
- Loss_aversion type Field.
- Loss_aversion type Type.
- Loss_aversion comment "In economics and decision theory, loss aversion refers to people's tendency to strongly prefer avoiding losses to acquiring gains. Most studies suggest that losses are twice as powerful, psychologically, as gains.".
- Loss_aversion label "Loss aversion".
- Loss_aversion sameAs Verlustaversion.
- Loss_aversion sameAs Aversión_a_la_pérdida.
- Loss_aversion sameAs Aversion_à_la_perte.
- Loss_aversion sameAs שנאת_הפסד.
- Loss_aversion sameAs Niechęć_do_straty.
- Loss_aversion sameAs m.02nvgr.
- Loss_aversion sameAs Förlustaversion.
- Loss_aversion sameAs การหลีกเลี่ยงการเสีย.
- Loss_aversion sameAs Q2874240.
- Loss_aversion sameAs Q2874240.
- Loss_aversion sameAs 损失规避.
- Loss_aversion wasDerivedFrom Loss_aversion?oldid=678951379.
- Loss_aversion depiction Daniel_KAHNEMAN.jpg.
- Loss_aversion isPrimaryTopicOf Loss_aversion.