ARE THE DISABLED LESS LOSS AVERSE? EVIDENCE FROM A NATURAL POLICY EXPERIMENT
利用自然政策实验的微观数据，研究发现残疾人在购房决策中损失厌恶程度显著低于非残疾人，且随残疾程度加重而减弱，表明残疾人可能更理性。
Research findings show that disabled persons often develop physical and psychological mechanisms to compensate for disabilities. Coping mechanisms may not be limited to the psychophysiological domain and may extend to cognitive bias and loss aversion. In this study, we apply unique microdata from a natural policy experiment to assess the role of loss aversion in home purchase among nondisabled and disabled households. Results of survival analysis indicate that the physically disabled are substantially less loss averse in home purchase. Furthermore, loss aversion varies with other population characteristics and attenuates with degree of disability. Findings provide new evidence of diminished cognitive bias and more rational economic decision‐making among the physically disabled.