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Is there loss aversion in buying? An adversarial collaboration

This paper was not found in any repository; the policy of its publisher is unknown or unclear.
This paper was not found in any repository; the policy of its publisher is unknown or unclear.

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Abstract

Council of the UK as part of its Risk and Human Behaviour Programme (award number L MG1 25 2053). Robert Sugden’s work was also supported by the Leverhulme Trust. 1 This paper reports an exercise in a research methodology that we believe is new to experimental economics: adversarial collaboration. An adversarial collaboration is an investigation carried out jointly by two individuals or research groups who, having proposed conflicting hypotheses, seek to resolve the issue in dispute. The work we describe arises from our attempts to reconcile an apparent difference between the results of two previous experiments, one of which was carried out by Kahneman in association with Jack Knetsch and Richard Thaler (Kahneman et al, 1990) the other by Bateman, Munro, Starmer and Sugden – whom we shall call the ‘British group ’ – in association with Bruce Rhodes (Bateman et al, 1997). In each of these experiments, a null hypothesis derived from the received theory of consumer choice is rejected in favour of an alternative hypothesis that individuals ’ preferences are conditional on ‘reference states’. However, the alternative hypotheses that are confirmed in the two experiments are not quite the same. Through adversarial collaboration, we attempt to settle the issue that is left open by