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Loss Aversion and Individual Characteristics
KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Transport Studies, CTS. KTH, School of Architecture and the Built Environment (ABE), Transport Science, Transport and Location Analysis.
2011 (English)In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 49, no 4, 573-596 p.Article in journal (Refereed) Published
Abstract [en]

Many studies have shown that loss aversion affects the valuation of non-market goods. Using stated choice data, this paper presents an empirical investigation of how individual-level loss aversion varies with observable personal characteristics and with the choice context. We investigate loss aversion with respect to travel time and money, and find significant loss aversion in both dimensions. The degree of loss aversion in the time dimension is larger than in the money dimension, and depends on age and education. Subjects tend to be more loss averse when the reference is well established.

Place, publisher, year, edition, pages
2011. Vol. 49, no 4, 573-596 p.
Keyword [en]
Discrete choice model, Fixed effects logit estimator, Loss aversion, Non-market goods, Stated preference data
National Category
Civil Engineering
Identifiers
URN: urn:nbn:se:kth:diva-37146DOI: 10.1007/s10640-010-9455-5ISI: 000292653900006Scopus ID: 2-s2.0-79960130274OAI: oai:DiVA.org:kth-37146DiVA: diva2:432378
Note

Correction: In Appendix A: In the equations in lines 8, 13 and 17, ‘log w’ should be replaced by ‘w’. QC 20110803

Available from: 2011-08-03 Created: 2011-08-02 Last updated: 2017-12-08Bibliographically approved

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