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dc.contributor.authorJohnson, Eric J.en
dc.contributor.authorGächter, Simonen
dc.contributor.authorHerrmann, Andreasen
dc.date.accessioned2006-08-30-
dc.date.accessioned2010-07-07T09:10:19Z-
dc.date.available2010-07-07T09:10:19Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/33324-
dc.description.abstractLoss aversion, the fact that losses have a greater impact than gains, is a fundamental property of behavioral accounts of choice. In this paper, we suggest four possible characterizations of the relative impact of losses and gains: (1) It could be a constant, such as the much cited value of 2, as in losses have twice the impact of gains. (2) It could be a systematic individual difference, with some individuals more or less loss aversion, (3) it could be a property of the attribute, or (4) a property of the different processes used to construct selling and buying prices. We examine the behavior of a large sample of auto buyers using an experiment which allows us to measure loss aversion, at the individual level for several different attributes. A set of hierarchical linear models shows that to understand loss aversion, one must consider the process used to construct prices. Interestingly, we show that knowledge of the attribute lowers loss aversion and that age and attribute importance increases loss aversion.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x2015en
dc.subject.jelC90en
dc.subject.jelM31en
dc.subject.jelD11en
dc.subject.ddc330en
dc.subject.keywordloss aversionen
dc.subject.keywordconsumer choiceen
dc.subject.keywordreference-dependent preferencesen
dc.titleExploring the nature of loss aversion-
dc.type|aWorking Paperen
dc.identifier.ppn516755412en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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