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Contribution Details

Type Journal Article
Scope Discipline-based scholarship
Title The Impact of Culture on Loss Aversion
Organization Unit
  • Thorsten Hens
  • Marc O Rieger
  • Mei Wang
Item Subtype Original Work
Refereed Yes
Status Published in final form
  • English
Journal Title Journal of Behavioral Decision Making
Publisher Wiley-Blackwell Publishing, Inc.
Geographical Reach international
ISSN 0894-3257
Volume 30
Number 2
Page Range 270 - 281
Date 2017
Abstract Text Based on the literature on the relationship between culture, emotion, and loss aversion, we derive that culture can influence the degree of loss aversion. To test our hypotheses, we conduct a standardized survey in 53 countries worldwide that includes the questions from the Hofstede survey on cultural dimensions as well as lottery questions on loss aversion. The results show that individualism, power distance, and masculinity increase loss aversion as predicted, whereas the impact of uncertainty avoidance is less significant. Moreover, we also find a relation between the distribution of major religions in a country and loss aversion. In comparison, the connection of loss aversion to macroeconomic variables seems to be much smaller.
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Digital Object Identifier 10.1002/bdm.1941
Other Identification Number merlin-id:13242
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Keywords Applied Psychology, Strategy and Management, Arts and Humanities (miscellaneous), General Decision Sciences, Sociology and Political Science