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Loss Aversion: An Overview

Eyal Zamir

in Law, Psychology, and Morality: The Role of Loss Aversion

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199972050
eISBN:
9780190215064
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199972050.003.0001
Subject:
Law, Philosophy of Law

Chapter 1 provides an overview of loss aversion. After a historical account, it describes the experimental and empirical findings that demonstrate loss aversion and elucidate its relationships to ... More


The evolutionary psychology of economics

Paul H Rubin and C. Monica Capra

in Applied Evolutionary Psychology

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199586073
eISBN:
9780191731358
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199586073.003.0002
Subject:
Psychology, Evolutionary Psychology, Developmental Psychology

In this chapter, we argue that applying evolutionary psychology to economics can explain observed ‘anomalies’ in decision-making. We provide an analysis of the relationships between economics and the ... More


Loss Aversion

Spiegler Ran

in Bounded Rationality and Industrial Organization

Published in print:
2011
Published Online:
September 2011
ISBN:
9780195398717
eISBN:
9780199896790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195398717.003.0009
Subject:
Economics and Finance, Behavioural Economics

This chapter analyzes monopoly and duopoly pricing when consumers display loss aversion. It assumes that consumers’ reference point is determined by their expectations. First, the model is applied to ... More


Law, Psychology, and Morality: The Role of Loss Aversion

Eyal Zamir

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199972050
eISBN:
9780190215064
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199972050.001.0001
Subject:
Law, Philosophy of Law

Prospect theory posits that people do not perceive outcomes as final states of wealth or welfare, but rather as gains or losses in relation to some reference point. People are generally loss averse: ... More


Legally Induced Reference Points

Eyal Zamir

in Law, Psychology, and Morality: The Role of Loss Aversion

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199972050
eISBN:
9780190215064
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199972050.003.0005
Subject:
Law, Philosophy of Law

Chapter 5 analyzes the contribution of loss aversion to our understanding of how legal norms affect human perceptions and behavior—that is, how loss aversion is sometimes the output of legal norms. ... More


The Debiasing Role of the Cross-Border Insolvency System

Irit Mevorach

in The Future of Cross-Border Insolvency: Overcoming Biases and Closing Gaps

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198782896
eISBN:
9780191826115
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198782896.003.0002
Subject:
Law, Company and Commercial Law, Private International Law

This chapter explores what the reasons for deviating from modified universalism in practice may be. To do so, it draws on behavioural international law and economics. The chapter argues that certain ... More


Ownership and Possession

Stephanie M. Stern and Daphna Lewinsohn-Zamir

in The Psychology of Property Law

Published in print:
2020
Published Online:
September 2020
ISBN:
9781479835683
eISBN:
9781479857623
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9781479835683.003.0002
Subject:
Psychology, Social Psychology

This chapter addresses the psychological significance of ownership and possession and explores how people perceive them. It shows that an individual’s notion of possession is not necessarily physical ... More


Consumer Behavior

Eyal Zamir

in Law, Psychology, and Morality: The Role of Loss Aversion

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199972050
eISBN:
9780190215064
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199972050.003.0002
Subject:
Law, Philosophy of Law

This chapter focuses on the exploitation of consumers’ loss aversion by suppliers. One example is the effect of different framings of price and other attributes on consumer decisions (for example, ... More


Humanity’s Crooked Timber

Jim Leitzel

in Concepts in Law and Economics: A Guide for the Curious

Published in print:
2015
Published Online:
September 2015
ISBN:
9780190213978
eISBN:
9780190214005
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190213978.003.0006
Subject:
Economics and Finance, Public and Welfare

People cannot be counted upon to make all of their decisions in a fully rational manner—and sometimes the law should take the possibility of such lapses into account. For instance, contracts that ... More


Property Rules versus Liability Rules

Stephanie M. Stern and Daphna Lewinsohn-Zamir

in The Psychology of Property Law

Published in print:
2020
Published Online:
September 2020
ISBN:
9781479835683
eISBN:
9781479857623
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9781479835683.003.0008
Subject:
Psychology, Social Psychology

This chapter discusses one of the most fundamental issues that every legal system must address: the form of protection that should be given to legal entitlements, including property rights. The ... More


Takings

Stephanie M. Stern and Daphna Lewinsohn-Zamir

in The Psychology of Property Law

Published in print:
2020
Published Online:
September 2020
ISBN:
9781479835683
eISBN:
9781479857623
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9781479835683.003.0004
Subject:
Psychology, Social Psychology

This chapter discusses key aspects of takings law from a behavioral perspective and employs psychological insights to critically analyze existing legal rules and theories. The chapter highlights ... More


Rationalizability and Irrationality

Scott Sehon

in Free Will and Action Explanation: A Non-Causal, Compatibilist Account

Published in print:
2016
Published Online:
June 2016
ISBN:
9780198758495
eISBN:
9780191818394
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198758495.003.0004
Subject:
Philosophy, Moral Philosophy

One might object that the teleological account overemphasizes rationalizability and thereby ties agency too closely to rationality. This chapter clarifies and defends the teleological account by ... More


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