Law, psychology, and morality: the role of loss aversion

Research output: Book/ReportBook


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.
Original languageEnglish
Place of PublicationOxford; New York
PublisherOxford University Press
Number of pages258
ISBN (Electronic)9780190215064, 9780199972050, 0190215062
ISBN (Print)0199972052 (hbk. ; alk. paper), 9780199972050, 9780199972050 (hbk. ; alk. paper)
StatePublished - 2014

Publication series

NameOxford Scholarship Online : Law
PublisherOxford University Press

Bibliographical note

Bibliographic Level Mode of Issuance: Monograph


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