Loss aversion

被引:12
|
作者
Blavatskyy, Pavlo R. [1 ]
机构
[1] Univ Innsbruck, Inst Publ Finance, A-6020 Innsbruck, Austria
关键词
Loss aversion; More loss averse than; Nonmonetary outcomes; Probabilistic choice; Rank-dependent utility theory; PROSPECT-THEORY; UTILITY; DECISION;
D O I
10.1007/s00199-009-0504-7
中图分类号
F [经济];
学科分类号
02 ;
摘要
Loss aversion is traditionally defined in the context of lotteries over monetary payoffs. This paper extends the notion of loss aversion to a more general setup where outcomes (consequences) may not be measurable in monetary terms and people may have fuzzy preferences over lotteries, i.e., they may choose in a probabilistic manner. The implications of loss aversion are discussed for expected utility theory and rank-dependent utility theory as well as for popular models of probabilistic choice such as the constant error/tremble model and a strong utility model (that includes the Fechner model of random errors and Luce choice model as special cases).
引用
收藏
页码:127 / 148
页数:22
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