Loss Aversion in Post-Sale Purchases of Consumer Products and their Substitutes
通过替代品效应测试消费者损失厌恶，利用在线硬件零售商数据发现损失厌恶存在，且经验较少的消费者偏差更明显。
This paper considers the measurement of consumer loss aversion in product markets. We introduce a test based on a “substitution effect,” focusing on how the end of a sale affects sales not of the good itself, but a substitute good. Such an effect cannot be easily confounded with consumer stockpiling. Using a unique dataset from an online hardware retailer, we find evidence consistent with consumer loss aversion. Moreover, we find that less experienced consumers suffer a more prominent loss aversion bias compared to more experienced consumers.