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Law, Psychology, and Morality
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Law, Psychology, and Morality: The Role of Loss Aversion

Eyal Zamir

Abstract

Prospect theory posits that people do not perceive outcomes as final states of wealth or welfare, but rather as gains or losses in relation to some reference point. People are generally loss averse: the disutility generated by a loss is greater than the utility produced by a commensurate gain. Loss aversion is related to such phenomena as the status quo and omission biases, the endowment effect, and escalation of commitment. The book systematically analyzes the relationships between loss aversion and the law. It weaves together insights from cognitive and social psychology, neuropsychology, be ... More

Keywords: behavioral economics, deontological morality, endowment effect, framing effect, international law, loss aversion, private law, prospect theory, public law

Bibliographic Information

Print publication date: 2014 Print ISBN-13: 9780199972050
Published to Oxford Scholarship Online: November 2014 DOI:10.1093/acprof:oso/9780199972050.001.0001

Authors

Affiliations are at time of print publication.

Eyal Zamir, author
Faculty of Law, Hebrew University of Jerusalem

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