Loss-aversion or loss-attention: The impact of losses on cognitive performance

@article{Yechiam2013LossaversionOL,
  title={Loss-aversion or loss-attention: The impact of losses on cognitive performance},
  author={Eldad Yechiam and Guy Hochman},
  journal={Cognitive Psychology},
  year={2013},
  volume={66},
  pages={212-231}
}
Are We Attracted by Losses? Boundary Conditions for the Approach and Avoidance Effects of Losses
TLDR
The findings suggest that both the approach and avoidance effects of losses exist and can be accounted for by increased investment of cognitive resources with losses (i.e., loss attention), and clarify the loss attention account in indicating that losses increase exploitative behavior based on experienced outcomes.
Loss Attention in a Dual-Task Setting
TLDR
These findings demonstrate an attentional spillover effect, whereby positive effects of losses on performance would emerge under attentional scarcity and diffuse to a concurrently presented task.
Loss restlessness and gain calmness: durable effects of losses and gains on choice switching
TLDR
Surprisingly, the loss restlessness phenomenon was observed following an all-losses payoff regime but not after a task with symmetric mixed gains and losses, which suggests that the unresolved mental account following anAll- Losses regime increases search behavior.
Losses tune differently than gains: how gains and losses shape attentional scope and influence goal pursuit
TLDR
In two studies, it is demonstrated that gains versus losses induce qualitatively different processes and that the anticipation of monetary gains results in a narrowing of attentional scope, while experiencing gains broadens the scope of attention.
Context-Dependent Sensitivity to Losses: Range and Skew Manipulations
TLDR
It is concluded that rank effects are, at least in part, responsible for the loss aversion seen in the accept−reject task.
How the threat of losses makes people explore more than the promise of gains
TLDR
Analysis showed that most people explore payoff distributions more under the threat of a loss than under the promise of a gain, which occurs in both costly search and cost-free search, consistent with the recently proposed notion of intensified vigilance in the face of potential losses.
Loss Aversion Reflects Information Accumulation, Not Bias: A Drift-Diffusion Model Study
TLDR
Dividing the participants into terciles based on loss aversion estimates, it is found that the most loss-averse group showed a significantly lower drift rate than the other two groups, indicating overall slower uptake of information.
Acceptable losses: the debatable origins of loss aversion
  • E. Yechiam
  • Economics, Psychology
    Psychological research
  • 2018
TLDR
Early studies of the utility function of gains and losses are examined, and the original evidence for loss aversion reported by Kahneman and Tversky is examined, suggesting that loss aversion proponents have over-interpreted these findings.
Gains and Losses affect Learning Differentially at Low and High Attentional Load
TLDR
It is shown that the beneficial effects of gains hit a limit when task demands increase, and that prospective losses reduce cognitive flexibility already at low task demands which is exacerbated whentask demands increase.
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