exhibited loss aversion and a greater propensity for risk seeking in the loss domain than in the gain domain. In Study 3 we used … prior gain or a prior loss on a stock. After inferring the shift in each subject’s reference point following this prior gain … or loss, we found that reference point adaptation following a gain exceeded that following a loss in all three countries …

experiments, paradoxes (gain-loss separability violation), and brain activity research. This paper puts forward the hypothesis …, loss aversion appears to be nothing more than the result of applying a logarithmic utility function over the entire outcome …