The status quo effect derived from loss aversion is common in decision making. However, we propose that advisors (vs. personal decision makers) are less susceptible to such an effect because they are less loss-averse. The difference in loss aversion between personal decision makers and advisors...

Previous endowment effect experiments have examined circumstances in which people encounter a single unit of a good (e.g., one chocolate). We contrast single-unit treatments with multiple-unit treatments in which participants encounter several units of a good (e.g., five chocolates). We observe...

We hypothesized that framing possible outcomes of decisions in terms of gains vs. losses should increase the salience of information that is incongruent in valence (counter-regulation principle: gain frame – negativity bias, loss frame – positivity bias). These incongruent attentional biases...