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- 1979: based on monetary
- 1992: Adapted into a more hedonistic concept

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- Is a psychological cognitive bias
- Loses loom around 2.5x larger then gains
- Theories such as x,y and z can be applied
- The higher the risk
- Marketers can use this concept, along with faming to create strategies and materials to positively impact purchasing decisions.
- Social impact can be made via....

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The reference point will differ depending on the context, environment and the individual. However, it does effect every individual (even seen in monkeys) , regardless of demographic. Loses 2.5x more powerful then gains

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- True value of a good? WTP/WTA?
-Important to do so in an ethical way instead of attempting to use cognitive bias as a profitable advantage.
- Been adapted before; monetary 1979 to hedonistic 1992, could it be further adapted to help solve the problems of today, (pandemic/Climate change?) being ethical and sustainable as a business is crucial nowadays, particularly in the long term for almost all industries and corporations.

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Understand the importance of framing and the different methods of framing.
- Consumer engagement: Nectar, app/website deals
-Time frames: Sale periods discount expiry dates, only sold until, limited units
- Purchasing options: Trade-in, club card lower prices and klarna

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- Tesco Clubcard prices
- Panic Buying
- Free trials
- Investing in stocks, shares or starting up a business

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Humans naturally try to avoid a loss, this affects our decision making processes and so if framed as a loss instead of a gain, marketers are likely to be more successful in accumulating interests and purchasing.

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Important to consider that consumers are genuinely satisfied with the trade/purchase and would do so again if given the chance, not always just to avoid a possible loss. But given the level of in-depth research/studies done (List, 2004) on the concept, it bids that it is still relevant.

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1.   Endowment effect (Based on ownership and added value)

2.  Transaction utility (based on reference point and context)

3.   Framing effect (How the question/offer if shown will effect the outcome)

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Loss Aversion is... first introduced by K & T in report on the Prospect theory 1979. describe transactions/consumption as either a loss or gain, varying depending on the type of individual. They suggest 'people underweight outcomes that are merely probable in comparison with outcomes that are obtained with certainty' and that value is assigned to either the gain or loss rather then the asset.