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1、Threecheers—psychological,theoretical,empirical—forloss-aversionColinCamererCaltechcamerer@hss.caltech.eduAbstractThisnoteemphasizesthespecialroleofprospecttheoryindrawingpsychophysicalconsiderationsintotheoriesofdecisionmakingunderrisk.Onesuchconsiderationisthedependenceofoutcomevalueon
2、areferencepoint,andtheincreasedsensitivityoflossrelativetogain(“loss-aversion”).Loss-aversioncanexplaintheSt.PetersburgParadoxwithoutrequiringconcaveutility,hastherightpsychology,istheoreticallyuseful,andisaparsimoniousprinciplethatcanexplainmanypuzzles.Anopenquestioniswhetheraversiontol
3、ossisastablefeatureofpreference,isanexpressionoffear,orhassomeotherproperties.Keywords:Loss-aversion,behavioraleconomics,experimentaleconomics,informationprocessing,consumerbehaviorAuthorbiographyProfessorColinCamereristheReaandLelaAxlineProfessorofBusinessEconomicsattheCaliforniaInstitu
4、teofTechnology(locatedinPasadena),whereheteachesbothcognitivepsychologyandeconomics.ProfessorCamererearnedaBAdegreeinquantitativestudiesfromJohnsHopkinsin1977,andanMBAinfinance(1979)andaPh.D.indecisiontheory(1981,attheageof22)fromtheUniversityofChicagoGraduateSchoolofBusiness.Beforecomin
5、gtoCaltechin1994,heheldpositionsattheKellogg,Wharton,andUniversityofChicagobusinessschools.Hisworkusesevidencefrompsychologytoinformeconomicmodelsofriskychoice,gametheory,andmarketdynamics,withapplicationstobargaining,gambling,laboreconomics,andstockmarketbubbles.Hislatestworkusesevidenc
6、efromneurosciencetoinformeconomics(“neuroeconomics”).12NovemskyandKahneman’s(2005)tourdeforceexploringtheboundariesofloss-aversionisareminderofthepowerofprospecttheoryinexplaininghowpeoplevaluerisks,andalsoareminderofthedelicacyrequiredtosharpenandapplythemodel.Thedeepcontributionofprosp
7、ecttheorywasnotonlytointroduceaparsimoniousandfruitfulalternativetoexpectedutilitytheory.Moreimportantly,prospecttheoryintroducedaperceptualandpsychophysicalperspectivetothinkingaboutmoney,goods,andrisk.Previousapproaches,stemmingfromRamsey,DeFinetti,Savage,andvonNeumanna
