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Loss Aversion
Definition
Loss aversion refers to people's tendency to prefer avoiding losses to acquiring gains of equal magnitude. In other words, the value people place on avoiding a certain loss is higher than the value of acquiring a gain of equal size. Consider, for instance, the subjective value of avoiding a loss of $10 compared with gaining $10. Usually, people say that the former has a higher value to them than the latter. Such a preference seems striking, given that, objectively, $10 is $10, regardless whether it is lost or gained. Nevertheless, the aversion toward incurring losses is a strong and reliable effect, and the value of avoiding a loss is usually twice as high as the value of acquiring an equivalent gain.
Theoretical Explanation
Loss aversion can be ...
- Action Control
- Action Identification Theory
- Adaptive Unconscious
- Apparent Mental Causation
- Approach-Avoidance Conflict
- Authenticity
- Auto-Motive Model
- Autonomy
- Behavioral Contagion
- Choking Under Pressure
- Control
- Controlled Processes
- Decision Making
- Delay of Gratification
- Drive Theory
- Ego Depletion
- Excitation-Transfer Theory
- Extrinsic Motivation
- Feedback Loop
- Free Will, Study of
- Goals
- Grim Necessities
- Guilty Pleasures
- Habits
- Helplessness, Learned
- Home-Field Advantage and Disadvantage
- Hormones and Behavior
- Implementation Intentions
- Intrinsic Motivation
- Ironic Processes
- Learned Helplessness
- Learning Theory
- Locus of Control
- Mental Control
- Meta-Awareness
- Mindfulness and Mindlessness
- Modeling of Behavior
- Nonconscious Processes
- Overjustification Effect
- Procrastination
- Reasoned Action Theory
- Regulatory Focus Theory
- Risk Taking
- Rubicon Model of Action Phases
- Scripts
- Self-Awareness
- Self-Control Measures
- Self-Defeating Behavior
- Self-Determination Theory
- Self-Discrepancy Theory
- Self-Efficacy
- Self-Handicapping
- Self-Regulation
- Social Facilitation
- Social Learning
- Social Loafing
- Stereotype Threat
- Stress Appraisal Theory (Primary and Secondary Appraisal)
- Temporal Construal Theory
- Theory of Planned Behavior
- Zeal
- Antisocial Behaviors
- Aggression
- Antisocial Behavior
- Aversive Racism
- Betrayal
- Bobo Doll Studies
- Bullying
- Catharsis of Aggression
- Cheater-Detection Mechanism
- Conflict Resolution
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- Deception (Lying)
- Displaced Aggression
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- Hostile Masculinity Syndrome
- Intimate Partner Violence
- Media Violence and Aggression
- Milgram's Obedience to Authority Studies
- Moral Hypocrisy
- Narcissistic Reactance Theory of Sexual Coercion
- Ostracism
- Rape
- Rejection
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- Social Exclusion
- Stanford Prison Experiment
- Terrorism, Psychology of
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- Attitude
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- Balance Theory
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- Theory of Planned Behavior
- Values
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- Collective Self
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- Mere Exposure Effect
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- Intergroup Emotions
- Intergroup Relations
- Jigsaw Classroom
- Leadership
- Minimal Group Paradigm
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- Self-Categorization Theory
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- Forced Compliance
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- Heuristic-Systematic Model of Persuasion
- Influence
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- Ingratiation
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- Inoculation Theory
- Mere Exposure Effect
- Milgram's Obedience to Authority Studies
- Minority Social Influence
- Normative Influence
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- Gossip
- Interdependence Theory
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- Pornography
- Propinquity
- Rejection
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- Self-Disclosure
- Self-Evaluation Maintenance
- Self-Expansion Theory
- Self-Fulfilling Prophecy
- Sex Drive
- Sexual Desire
- Sexual Economics Theory
- Similarity-Attraction Effect
- Social Exchange Theory
- Social Exclusion
- Social Support
- Social Value Orientation
- Teasing
- Transactive Memory
- Triangular Theory of Love
- Trust
- Unrequited Love
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- Behavioral Economics
- Decision Making
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- Group Polarization
- Hindsight Bias
- Hot Hand Effect
- Hyperbolic Discounting
- Illusion of Transparency
- Illusory Correlation
- Ingroup-Outgroup Bias
- Integrative Complexity
- Law of Small Numbers
- Loss Aversion
- Mental Accounting
- Mere Ownership Effect
- Naive Cynicism
- Naive Realism
- Omission Neglect
- Overconfidence
- Planning Fallacy
- Pluralistic Ignorance
- Preference Reversals
- Prisoner's Dilemma
- Prospect Theory
- Public Goods Dilemma
- Recency Effect
- Representativeness Heuristic
- Risk Taking
- Risky Shift
- Satisficing
- Sequential Choice
- Simulation Heuristic
- Simultaneous Choice
- Social Dilemmas
- Spreading of Alternatives
- Sunk Cost
- Visceral Influences
- Methods
- Autobiographical Narratives
- Behavioral Economics
- Bennington College Study
- Big Five Personality Traits
- Bobo Doll Studies
- Bogus Pipeline
- Content Analysis
- Control Condition
- Critical Social Psychology
- Cross-Lagged Panel Correlation
- Deception (Methodological Technique)
- Demand Characteristics
- Discursive Psychology
- Dynamical Systems Theory
- Ecological Validity
- Ethnocentrism
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- Hardiness
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- Individual Differences
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- Uniqueness
- Prejudice
- Problem Behaviors
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- Altruism
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- Attraction
- Bystander Effect
- Compassion
- Cooperation
- Decision Model of Helping
- Distributive Justice
- Empathic Accuracy
- Empathy
- Empathy–Altruism Hypothesis
- Gratitude
- GRIT Tension Reduction Strategy
- Helping Behavior
- Negative-State Relief Model
- Positive Psychology
- Prisoner's Dilemma
- Prosocial Behavior
- Public Goods Dilemma
- Reciprocal Altruism
- Religion and Spirituality
- Search for Meaning in Life
- Volunteerism
- Self
- Actor–Observer Asymmetries
- Apparent Mental Causation
- Barnum Effect
- Basking in Reflected Glory (BIRGing)
- Brainwashing
- Close Relationships
- Collective Self
- Contingencies of Self-Worth
- Deindividuation
- Downward Social Comparison
- Ego Shock
- Egocentric Bias
- Escape Theory
- Executive Function of Self
- Exemplification
- Facial-Feedback Hypothesis
- Identity Crisis
- Illusion of Control
- Illusion of Transparency
- Impression Management
- Independent Self-Construals
- Ingratiator's Dilemma
- Interdependent Self-Construals
- Introspection
- Looking-Glass Self
- Mental Control
- Mere Ownership Effect
- Misattribution of Arousal
- Moral Development
- Mortality Salience
- Name Letter Effect
- Objectification Theory
- Optimal Distinctiveness Theory
- Overjustification Effect
- Personal Space
- Phenomenal Self
- Positive Illusions
- Procrastination
- Projection
- Psychological Entitlement
- Reactance
- Regulatory Focus Theory
- Roles and Role Theory
- Schemas
- Self
- Self-Affirmation Theory
- Self-Attribution Process
- Self-Awareness
- Self-Categorization Theory
- Self-Complexity
- Self-Concept
- Self-Concept Clarity
- Self-Control Measures
- Self-Deception
- Self-Defeating Behavior
- Self-Determination Theory
- Self-Disclosure
- Self-Discrepancy Theory
- Self-Efficacy
- Self-Enhancement
- Self-Esteem
- Self-Esteem Stability
- Self-Evaluation Maintenance
- Self-Expansion Theory
- Self-Fulfilling Prophecy
- Self-Handicapping
- Self-Monitoring
- Self-Perception Theory
- Self-Presentation
- Self-Promotion
- Self-Reference Effect
- Self-Regulation
- Self-Reports
- Self-Serving Bias
- Self-Stereotyping
- Self-Verification Theory
- Social Comparison
- Social Identity Theory
- Spotlight Effect
- Stigma
- Symbolic Self-Completion
- Terror Management Theory
- Threatened Egotism Theory of Aggression
- Uniqueness
- Value Priorities
- Zeal
- Social Cognition
- Accessibility
- Accountability
- Action Identification Theory
- Actor–Observer Asymmetries
- Adaptive Unconscious
- Alcohol Myopia Effect
- Anchoring and Adjustment Heuristic
- Assimilation Processes
- Associative Networks
- Attention
- Attribution Theory
- Attributional Ambiguity
- Attributions
- Automatic Processes
- Availability Heuristic
- Bad Is Stronger Than Good
- Barnum Effect
- Base Rate Fallacy
- Basking in Reflected Glory (BIRGing)
- Belief Perseverance
- Blaming the Victim
- Central Traits Versus Peripheral Traits
- Confirmation Bias
- Consciousness
- Contrast Effects
- Controlled Processes
- Correspondence Bias
- Correspondent Inference Theory
- Counterfactual Thinking
- Creativity
- Curiosity
- Debiasing
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- Distinctiveness, in Attribution
- Downward Social Comparison
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- Egocentric Bias
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- Gambler's Fallacy
- Halo Effect
- Heuristic Processing
- Heuristic-Systematic Model of Persuasion
- Hostile Attribution Bias
- Hostile Media Bias
- Hot Hand Effect
- Illusory Correlation
- Implicit Personality Theory
- Inference
- Integrative Complexity
- Interpersonal Cognition
- Justice Motive
- Just-World Hypothesis
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- Lay Epistemics
- Lowballing
- Matching Hypothesis
- Meaning Maintenance Model
- Memory
- Metacognition
- Mimicry
- Mind-Wandering
- Misattribution of Arousal
- Moral Emotions
- Moral Reasoning
- Motivated Cognition
- Motivated Reasoning
- MUM Effect
- Nonconscious Processes
- Norms, Prescriptive and Descriptive
- Omission Neglect
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- Personality Judgments, Accuracy of
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- Priming
- Projection
- Prototypes
- Recency Effect
- Responsibility Attribution
- Risk Appraisal
- Salience
- Satisficing
- Schemas
- Scripts
- Self-Fulfilling Prophecy
- Self-Reference Effect
- Self-Serving Bias
- Self-Verification Theory
- Shifting Standards
- Similarity-Attraction Effect
- Social Categorization
- Social Cognition
- Social Cognitive Neuroscience
- Social Comparison
- Social Impact Theory
- Social Projection
- Spontaneous Trait Inferences
- Spreading of Alternatives
- Subliminal Perception
- Subtyping
- Symbolic Interactionism
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- Three-Dimensional Model of Attribution
- Transactive Memory
- Value Pluralism Model
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