Bang for the Buck: Gain-Loss Ratio as a Driver of Judgment and Choice
提出人们并非简单加减得失，而是追求得失比最大化，即用乘法方式组合正负结果。这解释了损失厌恶和风险偏好，并预测期望值为正时更敏感于损失和风险规避，为负时则相反。五个新实验和两项已有研究的再分析支持该观点。
Prominent decision-making theories propose that individuals (should) evaluate alternatives by combining gains and losses in an additive way. Instead, we suggest that individuals seek to maximize the rate of exchange between positive and negative outcomes and thus combine gains and losses in a multiplicative way. Sensitivity to gain-loss ratio provides an alternative account for several existing findings and implies a number of novel predictions. It implies greater sensitivity to losses and risk aversion when expected value is positive, but greater sensitivity to gains and risk seeking when expected value is negative. It also implies more extreme preferences when expected value is positive than when expected value is negative. These predictions are independent of decreasing marginal sensitivity, loss aversion, and probability weighting—three key properties of prospect theory. Five new experiments and reanalyses of two recently published studies support these predictions. This paper was accepted by Yuval Rottenstreich, judgment and decision making.