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When Do Losses Loom Larger than Gains?
Abstract
In defining limits to loss aversion, Novemsky and Kahneman (2005) offer important new data and a needed summary of appropriate ways to think about loss aversion. In this comment to Novemsky and Kahneman's article, the authors consider the new empirical results that involve probabilistic buying and selling, suggesting caution in generalizing the results to nonprobabilistic commerce. The authors expand Novemsky and Kahneman's summary by exploring two critical constructs that help define the boundaries of loss aversion: emotional attachment and cognitive perspective. Emotional attachment alters loss aversion by moderating the degree to which parting with an item involves a loss, whereas shifts in cognitive perspective explain why items typically viewed as a loss are given more or less weight. The goal is to use these constructs to characterize more specifically contexts in which losses loom larger than gains and to suggest specific ways that research into loss aversion could evolve.
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“loss aversion appears to increase with affective enrichment of “hedonic” consumer goods (e.g., music CDs versus computer disks) (11) and more generally with emotional attachment (12).”
From Amygdala damage eliminates monetary loss aversion (2010) · cites this paper as [12]
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Fleming, P., Bayliss, A. P., Edwards, S. G., & Seger, C. R. (2021) · PLoS ONE · doi:10.1371/journal.pone.0253568 · Cited by 28
“An individual is more likely to take action to protect their belongings (including data) if they are concerned about likely loss or damage or simply because they perceive their belongings as valuable [55].”
BackgroundAge-related striatal BOLD changes without changes in behavioral loss aversion
Viswanathan, V., Lee, S., Gilman, J. M., Kim, B. W., Lee, N. J., Chamberlain, L., Livengood, S. L., Raman, K., Lee, M. J., Kuster, J., et al. (2015) · Frontiers in Human Neuroscience · doi:10.3389/fnhum.2015.00176 · Cited by 23
“LA has become an important variable in consumer research (Ariely et al., 2005; Paraschiv and L’Haridon, 2008) and is consistent with the observation that older individuals are more focused on goals pertaining to maintenance and regulation of loss (Ebner et al., 2006).”
Lu, M., & Jen, W. (2016) · Psychology and Marketing · doi:10.1002/mar.20921 · Cited by 23
The Budget Contraction Effect: How Contracting Budgets Lead to Less Varied Choice
Carlson, K. A., Wolfe, J., Blanchard, S. J., Huber, J. C., & Dan Ariely, C. (2014) · Journal of Marketing Research · doi:10.1509/jmr.10.0243 · Cited by 22
“In general, loss aversion is believed to occur because of the expectation that the pain of losing something will be greater than the pleasure of an equivalent gain (e.g., Ariely, Huber, and Wertenbroch 2005; Kahneman and Tversky 1984).”
BackgroundSelf-citationThere and up again: On the uses and misuses of neuroimaging in psychology
Pinal, G. D., & Nathan, M. J. (2013) · Cognitive Neuropsychology · doi:10.1080/02643294.2013.846254 · Cited by 22
Graul, A. R. H., & Brough, A. R. (2020) · Journal of Consumer Psychology · doi:10.1002/jcpy.1193 · Cited by 19
Reduced framing effect: Experience adjusts affective forecasting with losses
Fu, L., Yu, J., Ni, S., & Li, H. (2018) · Journal of Experimental Social Psychology · doi:10.1016/j.jesp.2018.02.006 · Cited by 20
Reactive Devaluation as a Psychological Impediment to Construction Dispute Negotiation
Cheung, S. O., Li, K., & Chow, O. Y. (2020) · Journal of Management in Engineering · doi:10.1061/(asce)me.1943-5479.0000787 · Cited by 19
Banerjee, S., & Conte, M. (2018) · American Journal of Agricultural Economics · doi:10.1093/ajae/aay064 · Cited by 18
“Producers may also exhibit lossaversion and experience an endowment effect (Ariely et al. 2005) with respect to their land which in turn may impact their offers.”
BackgroundThe Psychological Science of Spending Money
Carter, T. J. (2014) · Springer eBooks · doi:10.1007/978-1-4939-0959-9_10 · Cited by 21
Keeping your gains close but your money closer: The prepayment effect in riskless choices
Hochman, G., Ayal, S., & Dan Ariely, C. (2014) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2014.01.014 · Cited by 18
Self-citationMoney is no object: Testing the endowment effect in exchange goods
Svirsky, D. (2014) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2014.07.003 · Cited by 17
Metadata
- Authors
- Ariely, D., Huber, J., & Wertenbroch, K.
- Affiliations
- Massachusetts Institute of Technology (US)
- Duke University (US)
- INSEAD (FR)
- Corresponding author
- Ariely, Dan
- Huber, Joel
- Wertenbroch, Klaus
- Venue
- Journal of Marketing Research
- Publisher
- SAGE Publications
- Published
- 2005-05
- Volume
- 42
- Issue
- 2
- Pages
- 134-138
- ISSN
- 0022-2437 (ISSN-L)
- 1547-7193
- OpenAlex
- W2061239943
- Cited by
- 267
- References
- 25
- Citations by year
- 2026: 4 · 2025: 12 · 2024: 9 · 2023: 14 · 2022: 11 · 2021: 22 · 2020: 11 · 2019: 13 · 2018: 23 · 2017: 16 · 2016: 17 · 2015: 19 · 2014: 20 · 2013: 12 · 2012: 14
- FWCI
- 4.47
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Marketing Research (publishedVersion)
- 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 › Business, Management and Accounting › Marketing › Consumer Market Behavior and Pricing
- Keywords
- loss aversion, emotional attachment, cognitive approach, purchase decision, consumer behavior
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