Seminars

Abstract:Loss aversion, the tendency of people to reject positive-expected-value gambles if an outcome has a potential loss, is one of the central features of reference-dependent preferences, and behavioral economics as a whole. Loss aversion has been used to explain the endowment effect, the fact that people demand more to sell an object in their possession than they are willing to buy it for. A large part of Thaler’s Nobel Prize citation discusses his work on the endowment effect. Despite the fact that loss aversion and the endowment effect are so central to behavioral economics, they have received little study in representative populations. We present some of the first results from such studies, with subtle implications for theories of choice under risk.


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