{"id":"https://openalex.org/W4396979119","doi":"https://doi.org/10.1016/j.joep.2024.102740","title":"A meta-analysis of loss aversion in risky contexts","display_name":"A meta-analysis of loss aversion in risky contexts","publication_year":2024,"publication_date":"2024-05-16","ids":{"openalex":"https://openalex.org/W4396979119","doi":"https://doi.org/10.1016/j.joep.2024.102740"},"language":"en","primary_location":{"id":"doi:10.1016/j.joep.2024.102740","doi":"https://doi.org/10.1016/j.joep.2024.102740","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.joep.2024.102740","pdf_url":null,"source":{"id":"https://openalex.org/S71968408","display_name":"Journal of Economic Psychology","issn_l":"0167-4870","issn":["0167-4870","1872-7719"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","dongbi-b","erih-plus","fnege-3","jufo-1","ki-jl-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Economic Psychology","raw_type":"journal-article"},"volume":null,"type":"review","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1016/j.joep.2024.102740","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5072432368","display_name":"Lukasz Walasek","orcid":"https://orcid.org/0000-0002-7360-0037","observed_orcids":["https://orcid.org/0000-0002-7360-0037"]},"institutions":[{"id":"https://openalex.org/I39555362","display_name":"University of Warwick","ror":"https://ror.org/01a77tt86","country_code":"GB","type":"education","lineage":["https://openalex.org/I39555362"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Lukasz Walasek","raw_affiliation_strings":["Department of Psychology, University of Warwick"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Psychology, University of Warwick","institution_ids":["https://openalex.org/I39555362"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5027126199","display_name":"Timothy L. Mullett","orcid":"https://orcid.org/0000-0002-4082-2813","observed_orcids":["https://orcid.org/0000-0002-4082-2813"]},"institutions":[{"id":"https://openalex.org/I39555362","display_name":"University of Warwick","ror":"https://ror.org/01a77tt86","country_code":"GB","type":"education","lineage":["https://openalex.org/I39555362"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Timothy L. Mullett","raw_affiliation_strings":["Warwick Business School, University of Warwick"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Warwick Business School, University of Warwick","institution_ids":["https://openalex.org/I39555362"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5009418620","display_name":"Neil Stewart","orcid":"https://orcid.org/0000-0002-2202-018X","observed_orcids":["https://orcid.org/0000-0002-2202-018X"]},"institutions":[{"id":"https://openalex.org/I39555362","display_name":"University of Warwick","ror":"https://ror.org/01a77tt86","country_code":"GB","type":"education","lineage":["https://openalex.org/I39555362"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Neil Stewart","raw_affiliation_strings":["Warwick Business School, University of Warwick"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Warwick Business School, University of Warwick","institution_ids":["https://openalex.org/I39555362"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5072432368"],"corresponding_institution_ids":["https://openalex.org/I39555362"],"apc_list":{"value":3540,"currency":"USD","value_usd":3540},"apc_paid":{"value":3540,"currency":"USD","value_usd":3540},"fwci":4.0733,"has_fulltext":false,"cited_by_count":48,"citation_normalized_percentile":{"value":0.97402597,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":100},"biblio":{"volume":"103","issue":null,"first_page":"102740","last_page":"102740"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/3311","display_name":"Safety Research"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/loss-aversion","display_name":"loss aversion","score":1.0},{"id":"https://openalex.org/keywords/cumulative-prospect-theory","display_name":"cumulative prospect theory","score":0.8820000290870667},{"id":"https://openalex.org/keywords/lambda-parameter","display_name":"lambda parameter","score":0.7599999904632568},{"id":"https://openalex.org/keywords/decision-making-under-risk","display_name":"decision making under risk","score":0.718999981880188},{"id":"https://openalex.org/keywords/mixed-gambles","display_name":"mixed gambles","score":0.8230000138282776},{"id":"https://openalex.org/keywords/data-quality","display_name":"data quality","score":0.3970000147819519},{"id":"https://openalex.org/keywords/parameter-estimation","display_name":"parameter estimation","score":0.4180000126361847}],"concepts":[{"id":"https://openalex.org/C2778174566","wikidata":"https://www.wikidata.org/wiki/Q2874240","display_name":"Loss aversion","level":2,"score":0.8954881429672241},{"id":"https://openalex.org/C339426","wikidata":"https://www.wikidata.org/wiki/Q1151839","display_name":"Prospect theory","level":2,"score":0.8451875448226929},{"id":"https://openalex.org/C2779449553","wikidata":"https://www.wikidata.org/wiki/Q5194187","display_name":"Cumulative prospect theory","level":3,"score":0.6342303156852722},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.6290514469146729},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5590356588363647},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5257109999656677},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.48885148763656616},{"id":"https://openalex.org/C95190672","wikidata":"https://www.wikidata.org/wiki/Q815382","display_name":"Meta-analysis","level":2,"score":0.46927252411842346},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.44329962134361267},{"id":"https://openalex.org/C14036430","wikidata":"https://www.wikidata.org/wiki/Q3736076","display_name":"Function (biology)","level":2,"score":0.42743802070617676},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.28179824352264404},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.2492007613182068},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.21611526608467102},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.19226327538490295},{"id":"https://openalex.org/C78458016","wikidata":"https://www.wikidata.org/wiki/Q840400","display_name":"Evolutionary biology","level":1,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1016/j.joep.2024.102740","doi":"https://doi.org/10.1016/j.joep.2024.102740","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.joep.2024.102740","pdf_url":null,"source":{"id":"https://openalex.org/S71968408","display_name":"Journal of Economic Psychology","issn_l":"0167-4870","issn":["0167-4870","1872-7719"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","dongbi-b","erih-plus","fnege-3","jufo-1","ki-jl-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Economic Psychology","raw_type":"journal-article"},{"id":"pmh:oai:wrap.warwick.ac.uk:185745","doi":null,"is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.joep.2024.102740","pdf_url":null,"source":{"id":"https://openalex.org/S4306400665","display_name":"Warwick Research Archive Portal (University of Warwick)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I39555362","host_organization_name":"University of Warwick","host_organization_lineage":["https://openalex.org/I39555362"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"Journal Article"}],"best_oa_location":{"id":"doi:10.1016/j.joep.2024.102740","doi":"https://doi.org/10.1016/j.joep.2024.102740","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.joep.2024.102740","pdf_url":null,"source":{"id":"https://openalex.org/S71968408","display_name":"Journal of Economic Psychology","issn_l":"0167-4870","issn":["0167-4870","1872-7719"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","dongbi-b","erih-plus","fnege-3","jufo-1","ki-jl-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Economic Psychology","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[{"display_name":"Systematic Review","id":"https://openalex.org/study-designs/systematic-review"},{"display_name":"Meta-Analysis","id":"https://openalex.org/study-designs/meta-analysis"}],"awards":[{"id":"https://openalex.org/G1386586370","display_name":null,"funder_award_id":"ES/K002201/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G2200362534","display_name":null,"funder_award_id":"ES/N018192/1","funder_id":"https://openalex.org/F4320319993","funder_display_name":"Leverhulme Trust"},{"id":"https://openalex.org/G3413806837","display_name":null,"funder_award_id":"ES/N018192/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G3418476993","display_name":"Accumulating to choose, but accumulating what? Drift diffusion modelling of economic preference","funder_award_id":"ES/N018192/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G3678697519","display_name":null,"funder_award_id":"RP2012-V022","funder_id":"https://openalex.org/F4320319993","funder_display_name":"Leverhulme Trust"},{"id":"https://openalex.org/G4014656974","display_name":null,"funder_award_id":"ES/K004948/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G4127851218","display_name":"Network for Integrated Behavioural Science","funder_award_id":"ES/K002201/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G6128599341","display_name":null,"funder_award_id":"RP2012-V-022","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G7050801856","display_name":null,"funder_award_id":"K002201","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G7342147324","display_name":null,"funder_award_id":"ES/K002201/1","funder_id":"https://openalex.org/F4320319993","funder_display_name":"Leverhulme Trust"},{"id":"https://openalex.org/G8197660347","display_name":"Combination Rules in Information Integration","funder_award_id":"ES/K004948/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G8579886662","display_name":null,"funder_award_id":"ES/K002201/","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"}],"funders":[{"id":"https://openalex.org/F4320319993","display_name":"Leverhulme Trust","ror":"https://ror.org/012mzw131"},{"id":"https://openalex.org/F4320334630","display_name":"Economic and Social Research Council","ror":"https://ror.org/03n0ht308"}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":102,"referenced_works":["https://openalex.org/W115555935","https://openalex.org/W194252565","https://openalex.org/W350604544","https://openalex.org/W758889636","https://openalex.org/W1501279792","https://openalex.org/W1518106465","https://openalex.org/W1529060564","https://openalex.org/W1656931306","https://openalex.org/W1859836455","https://openalex.org/W1895148607","https://openalex.org/W1897139626","https://openalex.org/W1968151631","https://openalex.org/W1973374338","https://openalex.org/W1977145788","https://openalex.org/W1977511719","https://openalex.org/W1980655255","https://openalex.org/W1986166820","https://openalex.org/W1986765024","https://openalex.org/W1990969594","https://openalex.org/W1991508748","https://openalex.org/W1991622349","https://openalex.org/W1993989686","https://openalex.org/W2001833896","https://openalex.org/W2015189141","https://openalex.org/W2016557596","https://openalex.org/W2016707006","https://openalex.org/W2024140722","https://openalex.org/W2024991751","https://openalex.org/W2029768984","https://openalex.org/W2030142386","https://openalex.org/W2030360026","https://openalex.org/W2030480672","https://openalex.org/W2030874315","https://openalex.org/W2033405675","https://openalex.org/W2038907256","https://openalex.org/W2041946752","https://openalex.org/W2043565183","https://openalex.org/W2043787485","https://openalex.org/W2044265575","https://openalex.org/W2054375706","https://openalex.org/W2061239943","https://openalex.org/W2061371720","https://openalex.org/W2063297627","https://openalex.org/W2063798007","https://openalex.org/W2067366199","https://openalex.org/W2070211392","https://openalex.org/W2080054997","https://openalex.org/W2083694075","https://openalex.org/W2096193633","https://openalex.org/W2102118103","https://openalex.org/W2102770351","https://openalex.org/W2104955010","https://openalex.org/W2106528280","https://openalex.org/W2106752002","https://openalex.org/W2107566558","https://openalex.org/W2108414166","https://openalex.org/W2114806482","https://openalex.org/W2119240992","https://openalex.org/W2124161016","https://openalex.org/W2124755241","https://openalex.org/W2127875809","https://openalex.org/W2128521145","https://openalex.org/W2128845303","https://openalex.org/W2131236995","https://openalex.org/W2136582516","https://openalex.org/W2138051750","https://openalex.org/W2139168999","https://openalex.org/W2152759986","https://openalex.org/W2153819048","https://openalex.org/W2154449833","https://openalex.org/W2158810025","https://openalex.org/W2160947404","https://openalex.org/W2163782744","https://openalex.org/W2165893637","https://openalex.org/W2171074980","https://openalex.org/W2181127198","https://openalex.org/W2213815566","https://openalex.org/W2303312527","https://openalex.org/W2318063287","https://openalex.org/W2477572219","https://openalex.org/W2765812327","https://openalex.org/W2800484587","https://openalex.org/W2809179358","https://openalex.org/W2891190930","https://openalex.org/W3011865677","https://openalex.org/W3022853033","https://openalex.org/W3045985640","https://openalex.org/W3048246280","https://openalex.org/W3103927788","https://openalex.org/W3106908607","https://openalex.org/W3122607759","https://openalex.org/W3123113172","https://openalex.org/W3125133526","https://openalex.org/W3163031915","https://openalex.org/W3183109742","https://openalex.org/W3184561033","https://openalex.org/W4254376918","https://openalex.org/W4255816109","https://openalex.org/W4313423813","https://openalex.org/W4313429329","https://openalex.org/W4313429369","https://openalex.org/W4389435798"],"related_works":["https://openalex.org/W3162853971","https://openalex.org/W7098498918","https://openalex.org/W3183109742","https://openalex.org/W4407392080","https://openalex.org/W7100453770","https://openalex.org/W3103927788","https://openalex.org/W2026265075","https://openalex.org/W6945527948","https://openalex.org/W4205770748","https://openalex.org/W2119240992"],"abstract_inverted_index":{"Loss":[0],"aversion":[1,19,57,110],"is":[2,39,58,120],"widely":[3],"regarded":[4],"as":[5],"the":[6,17,21,27,37,61,67,70,121,128,144,170,195,209,219],"most":[7],"robust":[8],"and":[9,46,80,179],"ubiquitous":[10],"finding":[11],"in":[12,36,90,127,139],"behavioural":[13],"economics.":[14],"According":[15],"to":[16,117,133,173,188,204],"loss":[18,56,103,109,113],"hypothesis,":[20],"subjective":[22,28],"value":[23,29,71],"of":[24,30,49,69,76,88,102,124,137,143,194,198,208,227],"losses":[25,89],"exceeds":[26],"equivalent":[31],"gains.":[32],"One":[33],"common":[34],"assumption":[35],"literature":[38],"that":[40],"this":[41],"asymmetry":[42],"represents":[43],"a":[44,135,183,215,224],"fundamental":[45],"stable":[47],"feature":[48],"people\u2019s":[50],"preferences.":[51],"In":[52,115],"cumulative":[53,145],"prospect":[54,146,171,210],"theory,":[55],"captured":[59],"by":[60,78,168],"lambda":[62],"(\u03bb)":[63],"parameter,":[64],"which":[65,140],"controls":[66],"steepness":[68],"function":[72],"for":[73,85],"losses.":[74],"Estimates":[75],"\u03bb":[77,125,141,167,226],"Tversky":[79],"Kahneman":[81],"(1992)":[82],"found":[83,223],"evidence":[84],"considerable":[86],"overweighting":[87],"risky":[91,155],"choice":[92],"(\u03bb":[93],"=":[94],"2.25).":[95],"But":[96],"others":[97],"find":[98],"very":[99],"different":[100],"levels":[101],"aversion,":[104],"with":[105],"some":[106],"reporting":[107],"weak":[108],"or":[111],"even":[112],"neutrality.":[114],"order":[116],"assess":[118],"what":[119],"average":[122],"level":[123],"reported":[126],"literature,":[129],"we":[130,222],"set":[131],"out":[132],"conduct":[134],"meta-analysis":[136,217],"studies":[138,164],"parameter":[142,148],"theory":[147,172],"was":[149],"estimated":[150,166],"from":[151],"individual":[152,174],"choices":[153,175],"between":[154,176],"prospects.":[156],"We":[157],"draw":[158],"three":[159],"conclusions.":[160],"First,":[161],"surprisingly":[162],"few":[163,184],"have":[165],"fitting":[169],"mixed":[177],"gambles,":[178],"there":[180],"are":[181,197],"only":[182],"available":[185,220],"datasets":[186],"suitable":[187],"perform":[189],"model":[190],"fitting.":[191],"Second,":[192],"much":[193],"data":[196],"poor":[199],"quality,":[200],"making":[201],"it":[202],"impossible":[203],"obtain":[205],"precise":[206],"estimates":[207],"theory\u2019s":[211],"parameters.":[212],"Third,":[213],"using":[214],"random-effect":[216],"upon":[218],"data,":[221],"small":[225],"1.31,":[228],"95%":[229],"CI":[230],"[1.10,":[231],"1.53].":[232]},"counts_by_year":[{"year":2026,"cited_by_count":26},{"year":2025,"cited_by_count":16},{"year":2024,"cited_by_count":5},{"year":2018,"cited_by_count":1}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2024-05-17T00:00:00"}