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Alternative TitleExploring the nature of loss aversion
Thesis Advisor李纾
Degree Grantor中国科学院研究生院
Place of Conferral北京
Degree Discipline应用心理学
Keyword损失规避 禀赋效应 程数 风险规避 参照点


Other Abstract

Loss aversion, which means that negative changes (losses)  loom  larger than equivalent positive changes (gains), is one of the basic elements of Prospect Theory.It was widely used in economic filed to explain abnormal phenomenon, such as endowment effect, status quo bias, equity premium puzzle, the winner's curse, and so on. However, the mechanism of loss aversion is still under hot debate.
In Study 1,we hypothesized that the loss aversion was due to the uneven routes of gains and losses, where "route" was defined as the number of transitions of the same possession. In conventional transition from not having scenarios, the gains were usually one-route with one a possession to having it, whereas the losses were typically two-route, with the another transition from having to not having it. As a result, the reason why loss aversion can be detected in these scenarios is because the number of routes for losses is greater than that for gains. Three experiments were developed to test our hypothesis. Exp.l was designed to test the mediating effect of the psychological feelings between preference and routes of gains respectively in reject frame and accept frame. The results revealed that individuals preferred one-route gains to three-route gains regardless in reject frame and in accept frame, and the psychological feelings had a complete mediating effect between preference and routes of gains. Based on the conventional endowment experiment, Exp.2 tried to pit route-based account against the reference point account. The results indicated that WTA and loss aversion coefficient for three-route goods were significant higher than that for one-route goods, and the mechanism of route provided a more promising explanation for the observed outcomes. There was a preference reversal between the Exp.l and Exp.2. Exp.3 attempted to better understand weather and how losses with different routes affect loss version and risk aversion. Its result implied that the tendencies of loss aversion and risk aversion were stronger in two-route loss condition than those in one-route condition.
Study 2 aimed to find out whether and how risk and property of loss would affect loss aversion. Based on original endowment effect which typically had buying and selling conditions, two more conditions, that is, risky buying and risking selling conditions were introduced in Study 2 to test the effect of risk on loss aversion. In order to finger out whether loss aversion was due to the different cognitive perspectives and  different attachment to money and  goods, the conventional endowment effect usually using good-money exchange scenarios, was compared with a new endowment effect which employed a good-good exchange scenario. The results of hypothetical scenarios in Exp.4 indicated that the degree of loss aversion would be higher under risky condition and there was no significant difference between the endowment effect in "good-money exchange" and that in "good-good exchange" scenarios. The similar result was duplicated in Exp.S which used naturalistic behaviors with the real monetary gains and losses.
As loss aversion was a robust phenomenon, an improved understanding of the mechanism of loss aversion from cognitive process would assist individuals to recognize, predict and intervene in the economic loss and irrational decisions caused by loss aversion.

Subject Area心理学
Document Type学位论文
Recommended Citation
GB/T 7714
刘欢. 损失规避的性质探索[D]. 北京. 中国科学院研究生院,2010.
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