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This paper claims that the notion of universal loss aversion (i.e. that losses always are always more psychologically impactful than gains) isn’t real. Instead, it proposes a more contextual approach, where sometimes losses loom larger, sometimes gains loom larger, and sometimes losses and gains are about equal in terms of psychological impact. If true, it would be a major weakening of prospect theory, which is a key result in behavioral economics and, with the weakening of priming would be another body blow to modern psychology.

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