Comparative Loss Aversion： Some New Behavioral Implications.docVIP

Comparative Loss Aversion： Some New Behavioral Implications Abstract Tposes　a　new　loss　aversion　coefficient　for　decision　makers.　Considering　this　loss　aversion　coefficient　and　Shalev’s　（2002）　perceptive　utility　function，　we　define　a　new　version　of　rank-dependent　expected　utility　theory.　Oparative　loss　aversion，　parative　loss　aversion.　The　new　loss　aversion　coefficient　is　well　defined　as　a　measure　of　degree　of　loss　aversion.　Oparative　loss　aversion　can　also　be　applied　to　welfare，　health，　blems. Key　words：　Loss　aversion　coefficient；　Comparative　loss　aversion；　Rank-dependent　expected　utility；　Decision　making　under　risk XUE　Minggao，　CHENG　Wen　（2012）.　Comparative　Loss　Aversion：　Some　New　Behavioral　Implications.　Canadian　Social　Science，　8（5），　-0.　Available　from：　http：///index.php/css/article/view/j.css.1座机电话号码0120805.ZT1080 DOI：　http：///10.3968/j.css.1座机电话号码0120805.ZT1080. Introduction Loss　aversion　is　one　of　the　most　significant　concepts　in　behavioral　finance.　It　has　received　wide　attention　in　decision　making　under　risk.　Kahneman　and　Tversky　（1979）　pioneer　the　idea　of　loss　aversion.　Loss　aversion　implies　decision　makers　are　more　sensitive　to　losses　than　to　gains.　Loss　aversion　is　a　vague　concept，　it　has　various　measure　methods　（see　e.g.　Kahneman　　Tversky，　1979；　Wakker　　Tversky，　1993；　Bowman　et　al.，　1999；　Breiter　et　al.，　2001；　Neilson，　2002；　Bleichrodt　　Miyamoto，　2003）.　However，　these　measure　skills　don’t　make　loss　aversion　be　separated　from　utility　curvature.　Tposes　a　new　separated　loss　aversion　coefficient　as　a　measure　of　loss　aversion　of　decision　makers；　parison　of　loss　aversion　of　decision　makers. Many　utility　theories　characterize　the　preference　relations　of　decision　makers，　such　as　rank-dependent　expected　utility　theory　（Quiggin，　1981），　prospect　theory　（Kahneman　　Tversky，　1979；　Tversky　　Kahneman，　1992）.　Although　these　utility　theories　have　tractability　and　psychological　behavioral　evidences　（see　e.g.　Laibson　　Zeckhauser，　1998），　they　do　not　well　reflect　the　perceptiv