The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.
Loss aversion, diminishing sensitivity, and the effect of experience on repeated decisions
Abstract
Three experiments are presented that explore the assertion that loss aversion and diminishing sensitivity drive the effect of experience on choice behavior. The experiments are focused on repeated choice tasks where decision makers choose repeatedly between alternatives and get feedback after each choice. Experiments 1a and 1b show that behavioral tendencies that were previously interpreted as indications of loss aversion in decisions from experience are better described as products of diminishing sensitivity to absolute payoffs. Experiment 2 highlights a nominal magnitude effect: A decrease in the magnitude of the nominal payoffs eliminates the evidence for diminishing sensitivity. These and related previous results can be captured with a model that assumes reliance on small samples of subjective experiences, and an increase in diminishing sensitivity with payoff variability. Copyright © 2008 John Wiley & Sons, Ltd.
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Advances in prospect theory: Cumulative representation of uncertainty
Tversky, A., & Kahneman, D. (1992) · Journal of Risk and Uncertainty · doi:10.1007/bf00122574 · Cited by 15,467
Higgins, E. T. (1997) · American Psychologist · doi:10.1037/0003-066x.52.12.1280 · Cited by 6,775
Loss aversion in riskless choice: A reference-dependent model.
Tversky, A., & Kahneman, D. (1991) · The Quarterly Journal of Economics · doi:10.2307/2937956 · Cited by 6,432
Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors
Barber, B. M., & Odean, T. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00226 · Cited by 3,955
An Experiment on Risk Taking and Evaluation Periods
Gneezy, U., & Potters, J. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555217 · Cited by 1,288
The Effect of Myopia and Loss Aversion on Risk Taking: An Experimental Test
Thaler, R. H., Tversky, A., Kahneman, D., & Schwartz, A. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555226 · Cited by 1,051
An Experimental Test of Loss Aversion
Schmidt, U., & Traub, S. (2002) · Journal of Risk and Uncertainty · doi:10.1023/a:1020923921649 · Cited by 233
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Reinforcement learning and episodic memory in humans and animals: an integrative framework
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A choice prediction competition: Choices from experience and from description
Erev, I., Ert, E., Roth, A. E., Haruvy, E., Herzog, S. M., Hau, R., Hertwig, R., Stewart, T., West, R., & Lebiere, C. (2010) · Journal of Behavioral Decision Making · doi:10.1002/bdm.683 · Cited by 329
Self-citation“Piensa” twice: On the foreign language effect in decision making
Costa, A., Foucart, A., Arnon, I., Aparici, M., & Apesteguia, J. (2014) · Cognition · doi:10.1016/j.cognition.2013.11.010 · Cited by 294
Resource-rational decision making
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Metadata
- Authors
- Erev, I., Ert, E., & Yechiam, E.
- Venue
- Journal of Behavioral Decision Making
- Publisher
- Wiley
- Published
- 2008-05-08
- Volume
- 21
- Issue
- 5
- Pages
- 575-597
- ISSN
- 0894-3257 (ISSN-L)
- 1099-0771
- OpenAlex
- W1987611772
- Cited by
- 200
- References
- 8
- FWCI
- 6.78
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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