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“There is also no agreement on the correct de fi nition of loss aversion (Schmidt & Zank, 2005).”
From Talking the talk, not walking the walk: The coevolution of overconfidence and loss aversion (2026) · cites this paper as Schmidt & Zank, 2005
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Loss Aversion Under Prospect Theory: A Parameter-Free Measurement
Abdellaoui, M., Bleichrodt, H., & Paraschiv, C. (2007) · Management Science · doi:10.1287/mnsc.1070.0711 · Cited by 794
“Tversky and Kahneman (1992) assumed a power function for the utility for losses and and a one-parameter functional form for probability weighting and found a median power coefficient of 0.88, which corresponds to a slightly convex utility for losses; no individual data are given.”
BackgroundResultInfluentialA tractable method to measure utility and loss aversion under prospect theory
Abdellaoui, M., Bleichrodt, H., & L’Haridon, O. (2008) · Journal of Risk and Uncertainty · doi:10.1007/s11166-008-9039-8 · Cited by 347
“Schmidt and Zank (2005) proposed a behavioral definition of loss aversion, which is”
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Gächter, S., Johnson, E. J., & Herrmann, A. P. (2021) · Theory and Decision · doi:10.1007/s11238-021-09839-8 · Cited by 533
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“Eliciting loss aversion requires that the utility be measured both for gains and for losses (e.g., Tversky and Kahneman 1992, Schmidt and Zank 2005).”
BackgroundMrkva, K., Johnson, E. J., Gächter, S., & Herrmann, A. P. (2019) · Journal of Consumer Psychology · doi:10.1002/jcpy.1156 · Cited by 134
“Several researchers have shown that tasks like this with gambles of this magnitude measure loss aversion, not risk aversion (Fehr & Goette, 2007; Rabin, 2000; Schmidt & Zank, 2005).”
Separating curvature and elevation: A parametric probability weighting function
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“The extreme sensitivity towards potential losses relative to comparable gains is captured under the notion and interpretation of loss aversion (Kahneman and Tversky 1979; Tversky and Kahneman 1992; Schmidt and Zank 2005; Wakker 2009 ;Z ank 2010).”
BackgroundSelf-citationParametric weighting functions
Diecidue, E., Schmidt, U., & Zank, H. (2009) · Journal of Economics Theory · doi:10.1016/j.jet.2008.10.004 · Cited by 82
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“It is also determined by the weights put on the probabilities of different outcomes (Schmidt and Zank, 2005).”
BackgroundThe Asymmetric Effect of Tour Guide Service Quality on Tourist Satisfaction
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“The negative emotion thus dominates and offsets the positive emotion since gambling games cannot provide equal chances to gain or lose a certain amount of money (Brenner, Rottenstreich, Sood, & Bilgin, 2007; Inesi, 2010; Schmidt & Zank, 2005).”
BackgroundOn probabilities and loss aversion
Zank, H. (2008) · Theory and Decision · doi:10.1007/s11238-008-9117-z · Cited by 30
“The theoretical study of Schmidt and Zank (2005) defined loss aversion as being revealed by specific choice behavior.”
BackgroundSelf-citationTarget-Adjusted Utility Functions and Expected-Utility Paradoxes
Schneider, M., & Day, R. W. (2016) · Management Science · doi:10.1287/mnsc.2016.2588 · Cited by 32
“…(given c 2= 8f 1E4f 59, E4f 5 ¦c f for all f ∈ F) as well as the behavioral definition of loss aversion given by Kahneman and Tversky (1979) and Schmidt and Zank (2005) (aversion to 50:50 gain-loss bets with zero expected value) if and only if k ≥ 1, as these are particular examples where…”
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“This allows us to derive utility functions over relevant amounts, which together with the estimation of probability weighting functions for gains and losses allow for the precise estimation of loss aversion (Abdellaoui , Bleichrodt, & Paraschiv, 2007; Schmidt & Zank, 2005).”
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“…trade-offs between gains and losses is asymmetric because individuals attach much greater importance to losing a product than to the prospect of the monetary gain to be obtained from selling it (Kahneman and Tversky 1979; Nicolau 2008, 2011; Schmidt and Zank 2005; Tversky and Kahneman 1991).”
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“Indeed, most of the literature on loss aversion employs standard utility to embody loss aversion (Schmidt and Zank, 2005).”
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“Finally, the 52-week loser portfolio is shown to have much higher predictive power than the momentum loser portfolio, further supporting H3. 27 Schmidt and Zank (2005) showed the utility function of disposition-prone investors to be steeper in the loss domain.”
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“In the literature of loss aversion, almost all work on loss aversion adopts utility as a measurement of loss aversion (Schmidt and Zank 2005).”
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“As people react more strongly to losses than gains (e.g. Novemsky and Kahneman 2005; Schmidt and Zank 2005), losing current teleworking privileges is likely to hurt job satisfaction even more than being denied them for those who have never experienced them.”
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“According to this theory, individuals facing trade-offs between gains and losses behave asymmetrically because they value losing a product higher than the prospect of the monetary gain to be realized by selling it (Kahneman and Tversky, 1979; Nicolau, 2008, 2011; Schmidt and Zank, 2005; Tversky and Kahneman, 1991).”
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“Loss-aversion (Schmidt and Zank, 2005 ) is a relevant psychological concept that has been imported to financial and economic analysis, and it represents the foundation of prospect theory.”
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“…contexts, women view asymmetrical offers as more unfair in loss contexts than in gain contexts, motivating them to seek equitable solutions 7Note that this debate is in part driven by the lack of consensus on the definition of loss aversion (see Bouchouicha et al. 2019 and Schmidt and Zank 2005).”
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“It could be enlightening to take the loss aversion model in prospect theory as a PEU function before exploring the LAM of the shipping company’s decision-makers with different degrees of personal preference in the RBD for slow steaming [13].”
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How does stakeholder loss aversion affect the promotion of green housing?
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“For an overview on LA and its implications, we refer the reader to Schmidt and Zank (2005) and Köbberling and Wakker (2006).”
BackgroundMethodZhao, Y.-Z., Zhou, J.-M., Fan, Y.-J., & Kuang, H.-B. (2020) · IEEE Access · doi:10.1109/access.2019.2962210 · Cited by 10
“It could be enlightening to include the risk aversion features into the EUO function, before exploring the operator’s RBD for slow steaming with different degrees of personal preference [35].”
BackgroundMorris, E. A. (2023) · Wellbeing, Space and Society · doi:10.1016/j.wss.2023.100135 · Cited by 9
Loss aversion and perceptual risk aversion
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“Loss aversion refers to a cognitive vulnerability leading to a negative emotional reaction to losses, even facing more gains [19].”
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“Finally, we note that gamble rates in our study were relatively high, given previous findings that people tend to reject mixed gambles with symmetrical odds (e.g., Brenner et al., 2007; Inesi, 2010; Schmidt & Zank, 2005).”
ResultClimate risk exposure and corporate financial distress
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“On the other hand, according to loss aversion theory, corporate managers’ risk-taking behaviour becomes instinctive and less conscious when faced with significant losses (Schmidt and Zank 2005).”
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Too much or too little information: how unknown uncertainty fuels time inconsistency
Kim, I., & Gamble, K. J. (2022) · SN Business & Economics · doi:10.1007/s43546-021-00189-9 · Cited by 6
“2006; Schmidt and Zank 2005).”
Wendy, W., & Asri, M. (2012) · Journal of Indonesian Economy and Business (Universitas Gadjah Mada) · doi:10.22146/jieb.6243 · Cited by 8
On the descriptive value of loss aversion in decisions under risk: Six clarificationsPreprint
Ert, E., & Erev, I. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1012022 · Cited by 5
A behavioral definition of loss aversion
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Risk aversion for losses and the Nash bargaining solution
Peters, H. J. M. (2021) · Theory and Decision · doi:10.1007/s11238-021-09837-w · Cited by 5
Commitment devices in online behavior change support systems
Lee, H., Lee, U., & Hong, H. (2019) · AsianCHI@CHI · doi:10.1145/3309700.3338446 · Cited by 4
“An underlying motive for this behavior change is loss aversion , which means people feel more sensitive to financial losses than to financial gains of a similar amount (e.g., losing $5 than to gaining $5) [20].”
BackgroundReining in Excessive Risk Taking by Executives: Experimental Evidence
Lefebvre, M., & Vieider, F. M. (2010) · doi:10.2139/ssrn.1573640 · Cited by 4
Peel, D., & Zhang, J. (2009) · doi:10.1016/j.econlet.2009.09.007 · Cited by 4
“Another limitation of the power value function is that it violates the assumption of loss aversion for small enough symmetric gains or losses (see e.g. Köbberling and Wakker (2005), Schmidt and Zank (2005)).”
BackgroundCOR-MP: Conservation of Resources Model for Maneuver Planning
Essalmi, K., Garrido, F., & Nashashibi, F. (2024) · International Conference on Computational Photography · doi:10.1109/iccp63557.2024.10792985 · Cited by 3
“Both theories stem from the loss aversion phenomenon [24], which suggests that people tend to strongly prefer avoiding losses over acquiring gains.”
Trade-offs in fishing strategy decisions and conservation implications for small-scale fisheries
Wade, E., & Biedenweg, K. A. (2024) · Environmental Conservation · doi:10.1017/s0376892924000134 · Cited by 3
Reese, Z. A., & Orrach, K. (2023) · Journal of Social and Personal Relationships · doi:10.1177/02654075231174530 · Cited by 3
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Stocks selection in capital markets crisis: multi-criteria approach
Belak, V., Barać, Ž. A., & Vuko, T. (2011) · doi:10.1504/ijebr.2011.037433 · Cited by 3
“Recent behavioural finance literature (Livanas, 2007; Schmidt and Zank, 2005; Thaler, 1999) distinguishes two types of investors according to their loss aversion and risk tolerance level: risk-takers and risk-averters.”
BackgroundTalking the talk, not walking the walk: The coevolution of overconfidence and loss aversion
Dawson, C., & de Meza, D. (2026) · Psychological Review · doi:10.1037/rev0000644 · Cited by 2
Karpa, D. F. (2026) · Political Behavior · doi:10.1007/s11109-026-10122-1 · Cited by 2
On the safe side: Uncertainty awareness for hydroclimatic risk and loss aversion
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BEKLENTİ TEORİSİ VE VERGİ UYUMUNU ETKİLEYEN FAKTÖRLER
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“645-664 Fecha de entrada: 22-11-2010 Fecha de aceptación: 01-05-2012 649 attention (Schmidt and Zank, 2002).”
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“Corporate managers tend to exhibit psychological traits of loss aversion (Schmidt and Zank 2005) What and risk preference (de Heus, Hoogervorst, and van Dijk 2010) during investment decision-making.”
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“Moreover, parameter l specifies loss aversion (see Schmidt and Zank (2005), Abdellaoui et al. (2008), and so on), with larger values expressing larger loss aversion (i.e., l > 1).”
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“Loss aversion bias [5], in which people value a loss more than a gain for the same magnitude of value, and Herd mentality bias [6], in which people prefer to behave in the same way as others are a few examples.”
Background
Metadata
- Authors
- Schmidt, U., & Zank, H.
- Affiliations
- Leibniz University Hannover (DE)
- University of Manchester (GB)
- Corresponding author
- Schmidt, Ulrich
- Venue
- Journal of Risk and Uncertainty
- Published
- 2005-03
- Volume
- 30
- Issue
- 2
- Pages
- 157-167
- ISSN
- 0895-5646 (ISSN-L)
- 1573-0476
- OpenAlex
- W2038907256
- Cited by
- 194
- References
- 0
- Citations by year
- 2026: 8 · 2025: 10 · 2024: 18 · 2023: 18 · 2022: 12 · 2021: 8 · 2020: 3 · 2019: 8 · 2018: 6 · 2017: 9 · 2016: 6 · 2015: 11 · 2014: 3 · 2013: 8 · 2012: 9
- FWCI
- 6.21
- Type
- journal article
- Language
- en
- Open access
- closed
- Licence
- www.springer.com/tdm (tdm)
- Locations
- Journal of Risk and Uncertainty (publishedVersion)
- Research Explorer (The University of Manchester) (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- OpenGrey (Institut de l'Information Scientifique et Technique) (submittedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Experimental Behavioral Economics Studies
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Keywords
- loss aversion, prospect theory, cumulative prospect theory, weight functions, utility functions, risk preferences
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