"The value function (loss aversion) is (i) defined on deviations from the reference point; (ii) generally concave for gains and commonly convex for losses; (iii) steeper for losses than for gains" (Kahneman & Tversky, 1979, p. 279).
Brief quotations are reproduced for identification purposes under fair use / fair dealing doctrine
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. *Econometrica*, *47*(2), 263–291. <https://doi.org/10.2307/1914185>
Foundation of Endowment Effect (Kahneman, Knetsch & Thaler, 1990) Exact Definition & APA Citation & Framing Effect (Tversky & Kahneman, 1981) Exact Definition & APA Citation
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