Database: Beyond Myopic Loss Aversion: Experimental Evidence of Heuristics as Concurrent Drivers of Context-Dependent Financial Decisions

The study argues that simple heuristics and attentional components coexist with loss aversion, shaping the decision-making process in a contextual manner. To test this proposition, an experiment was conducted with 231 participants, in which individuals made repeated decisions under different frequencies of investment outcome evaluation.

A Loss Aversion Coefficient, a Minimax-Priority Index, a Preference Index, and an Asymmetry Index were constructed and empirically validated. The results indicate that loss aversion does not act in a one-dimensional way: while the Minimax heuristic systematically reduces the amount invested, loss aversion may, in certain contexts, be associated with greater risk propensity. Interactions with feedback frequency reveal that the decision-making environment reorganizes the relative weight of heuristics.