Gal, David and Rucker, Derek, The Loss of Loss Aversion: Will It Loom Larger Than Its Gain? (September 30, 2017). Journal of Consumer Psychology, Forthcoming. Available at SSRN: https://ssrn.com/abstract=3049660
Abstract: Loss aversion, the principle that losses loom larger than gains, is among the most widely accepted ideas in the social sciences. The first part of this article introduces and discusses the construct of loss aversion. The second part of this article reviews evidence in support of loss aversion. The upshot of this review is that current evidence does not support that losses, on balance, tend to be any more impactful than gains. The third part of this article aims to address the question of why acceptance of loss aversion as a general principle remains pervasive and persistent among social scientists, including consumer psychologists, despite evidence to the contrary. This analysis aims to connect the persistence of a belief in loss aversion to more general ideas about belief acceptance and persistence in science. The final part of the article discusses how a more contextualized perspective of the relative impact of losses versus gains can open new areas of inquiry that are squarely in the domain of consumer psychology.
Keywords: Loss Aversion, Sociology of Science
JEL Classification: A14, M31, D03, D81, D01, G02
34 Inspiring Quotes on Criticism (and How to Handle It) -- EXTRACT
- – Dale Carnegie
- “The pleasure of criticizing takes away from us the pleasure of being moved by some very fine things.”
– Jean de La Bruyère - – Aristotle
- – John Wooden
- “Criticism is an indirect form of self-boasting.”
– Emmet Fox - “When virtues are pointed out first, flaws seem less insurmountable.”
– Judith Martin - – Neil Gaiman
- – Norman Vincent Peale
- “When we judge or criticize another person, it says nothing about
that person; it merely says something about our own need to be
critical.”
– Unknown - “It is much more valuable to look for the strength in others. You can gain nothing by criticizing their imperfections.”
– Daisaku Ikeda - “The artist doesn’t have time to listen to the critics. The ones who
want to be writers read the reviews, the ones who want to write don’t
have the time to read reviews.”
– William Faulkner - “If we judge ourselves only by our aspirations and everyone else
only their conduct we shall soon reach a very false conclusion.”
– Calvin Coolidge - “I have yet to find the man, however exalted his station, who did
not do better work and put forth greater effort under a spirit of
approval than under a spirit of criticism.”
– Charles Schwab - “I criticize by creation, not by finding fault.”
– Marcus Tullius Cicero - “Let me never fall into the vulgar mistake of dreaming that I am persecuted whenever I am contradicted.”
– Ralph Waldo Emerson - “Don’t criticize what you don’t understand, son. You never walked in that man’s shoes.”
– Elvis Presley - – Frank A. Clark
- “People tend to criticize their spouse most loudly in the area where they themselves have the deepest emotional need.”
– Gary Chapman - “Criticism is the disapproval of people, not for having faults, but having faults different from your own.”
– Unknown - “It is not the critic who counts; not the man who points out how the
strong man stumbles, or where the doer of deeds could have done them
better.
The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly; who errs and comes short again and again; because there is not effort without error and shortcomings; but who does actually strive to do the deed; who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement and who at the worst, if he fails, at least he fails while daring greatly.
So that his place shall never be with those cold and timid souls who know neither victory nor defeat.”
– Theodore Roosevelt - “Before you go and criticize the younger generation, just remember who raised them.”
– Unknown - “Who do you spend time with? Criticizers or encouragers? Surround
yourself with those who believe in you. Your life is too important for
anything less.”
– Steve Goodier - “Criticism may not be agreeable, but it is necessary. It fulfills
the same function as pain in the human body. It calls attention to an
unhealthy state of things.”
– Winston Churchill - “He has a right to criticize, who has a heart to help.”
– Abraham Lincoln - – Antoine de Saint-Exupery
- – Eleanor Roosevelt
- “One mustn’t criticize other people on grounds where he can’t stand perpendicular himself”
– Mark Twain - “That was excellently observed’, say I, when I read a passage in an
author, where his opinion agrees with mine. When we differ, there I
pronounce him to be mistaken.”
– Jonathan Swift - “Any fool can criticize, condemn and complain and most fools do.”
– Benjamin Franklin - “Flatter me, and I may not believe you. Criticize me, and I may not
like you. Ignore me, and I may not forgive you. Encourage me, and I will
not forget you. Love me and I may be forced to love you.”
– William Arthur Ward - “A man interrupted one of the Buddha’s lectures with a flood of abuse.
Buddha waited until he had finished and then asked him:
If a man offered a gift to another but the gift was declined, to whom would the gift belong?
To the one who offered it, said the man.
Then, said the Buddha, I decline to accept your abuse and request you to keep it for yourself.” - – Joseph Joubert
- – Abraham Lincoln
- – Michel de Montaigne
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