The Commonality of Loss Aversion across Procedures and Stimuli.
Individuals tend to give losses approximately 2-fold the weight that they give gains. Such approximations of loss aversion (LA) are almost always measured in the stimulus domain of money, rather than objects or pictures. Recent work on preference-based decision-making with a schedule-less keypress t...
| Main Authors: | , , , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Public Library of Science (PLoS)
2015-01-01
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| Series: | PLoS ONE |
| Online Access: | http://europepmc.org/articles/PMC4579072?pdf=render |
| _version_ | 1818081467636383744 |
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| author | Sang Lee Myung J Lee Byoung W Kim Jodi M Gilman John K Kuster Anne J Blood Camelia M Kuhnen Hans C Breiter |
| author_facet | Sang Lee Myung J Lee Byoung W Kim Jodi M Gilman John K Kuster Anne J Blood Camelia M Kuhnen Hans C Breiter |
| author_sort | Sang Lee |
| collection | DOAJ |
| description | Individuals tend to give losses approximately 2-fold the weight that they give gains. Such approximations of loss aversion (LA) are almost always measured in the stimulus domain of money, rather than objects or pictures. Recent work on preference-based decision-making with a schedule-less keypress task (relative preference theory, RPT) has provided a mathematical formulation for LA similar to that in prospect theory (PT), but makes no parametric assumptions in the computation of LA, uses a variable tied to communication theory (i.e., the Shannon entropy or information), and works readily with non-monetary stimuli. We evaluated if these distinct frameworks described similar LA in healthy subjects, and found that LA during the anticipation phase of the PT-based task correlated significantly with LA related to the RPT-based task. Given the ease with which non-monetary stimuli can be used on the Internet, or in animal studies, these findings open an extensive range of applications for the study of loss aversion. Furthermore, the emergence of methodology that can be used to measure preference for both social stimuli and money brings a common framework to the evaluation of preference in both social psychology and behavioral economics. |
| first_indexed | 2024-12-10T19:06:40Z |
| format | Article |
| id | doaj.art-89061e269c9d4719acd7310d49b03b57 |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-12-10T19:06:40Z |
| publishDate | 2015-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-89061e269c9d4719acd7310d49b03b572022-12-22T01:36:53ZengPublic Library of Science (PLoS)PLoS ONE1932-62032015-01-01109e013521610.1371/journal.pone.0135216The Commonality of Loss Aversion across Procedures and Stimuli.Sang LeeMyung J LeeByoung W KimJodi M GilmanJohn K KusterAnne J BloodCamelia M KuhnenHans C BreiterIndividuals tend to give losses approximately 2-fold the weight that they give gains. Such approximations of loss aversion (LA) are almost always measured in the stimulus domain of money, rather than objects or pictures. Recent work on preference-based decision-making with a schedule-less keypress task (relative preference theory, RPT) has provided a mathematical formulation for LA similar to that in prospect theory (PT), but makes no parametric assumptions in the computation of LA, uses a variable tied to communication theory (i.e., the Shannon entropy or information), and works readily with non-monetary stimuli. We evaluated if these distinct frameworks described similar LA in healthy subjects, and found that LA during the anticipation phase of the PT-based task correlated significantly with LA related to the RPT-based task. Given the ease with which non-monetary stimuli can be used on the Internet, or in animal studies, these findings open an extensive range of applications for the study of loss aversion. Furthermore, the emergence of methodology that can be used to measure preference for both social stimuli and money brings a common framework to the evaluation of preference in both social psychology and behavioral economics.http://europepmc.org/articles/PMC4579072?pdf=render |
| spellingShingle | Sang Lee Myung J Lee Byoung W Kim Jodi M Gilman John K Kuster Anne J Blood Camelia M Kuhnen Hans C Breiter The Commonality of Loss Aversion across Procedures and Stimuli. PLoS ONE |
| title | The Commonality of Loss Aversion across Procedures and Stimuli. |
| title_full | The Commonality of Loss Aversion across Procedures and Stimuli. |
| title_fullStr | The Commonality of Loss Aversion across Procedures and Stimuli. |
| title_full_unstemmed | The Commonality of Loss Aversion across Procedures and Stimuli. |
| title_short | The Commonality of Loss Aversion across Procedures and Stimuli. |
| title_sort | commonality of loss aversion across procedures and stimuli |
| url | http://europepmc.org/articles/PMC4579072?pdf=render |
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