Abstract

Myopic loss aversion (MLA)—a combination of myopic loss and a greater sensitivity to losses than gains—has been proposed to explain the equity premium puzzle and then extended to myopic prospect theory (MPT). However, such an expected-value/utility-based theory has been challenged and the underlying mechanism remains debatable. In the current study, we applied the modified equate-to-differentiate model to address this phenomenon. In Experiment 1, we first directly explored the relationship between individuals’ degree of loss aversion and their investment amounts in risky lotteries for both single and repeated plays. We found no correlations between these variables; this was inconsistent with the MLA/MPT prediction. Experiment 2 showed that individuals’ evaluation scores of the differences within the dimension (probability or outcome) that has larger differences highly predicted their investment behavior, which supported the equate-to-differentiate model.

摘要

近视损失厌恶 (MLA)——近视损失和对损失比收益更敏感的结合——已被提出来解释股权溢价之谜，然后扩展到近视前景理论 (MPT)。然而，这种基于期望值/效用的理论受到了挑战，其潜在机制仍有待商榷。在当前的研究中，我们应用修改后的等同于微分模型来解决这一现象。在实验 1 中，我们首先直接探讨了个体的损失厌恶程度与他们在单次和重复游戏的风险彩票投资金额之间的关系。我们发现这些变量之间没有相关性；这与 MLA/MPT 的预测不一致。