손실회피와 위험인식의 심리적 임계점 메커니즘 : 옥션 데이터 기반 분석

다국어 초록 (Multilingual Abstract)

A zero outcome can be framed as either “losing nothing” or “gaining nothing,” yet these framings are psychologically distinct. Using approximately one million online auction transactions, this study empirically examines how the lose nothing, gain nothing, and small certain loss choice structures proposed in prospect theory manifest in actual markets.

The results show that most sellers exhibit loss aversion with λ > 1, and that higher levels of loss aversion are associated with a greater willingness to accept a wider range of small certain losses and to exit the market earlier. These findings suggest that the psychological framing of zero determines relative advantage in market decisions and that, in some cases, a small certain loss may be perceived as more attractive than gaining nothing.

목차 (Table of Contents)

• 1 서론 1
• 2 선행연구 4
• 2.1 옥션,리셀시장에관한선행연구 4
• 2.2 행동경제학선행연구 5
• 2.2.1 기대효용이론 5
• 2.2.2 전망이론 7
• 2.2.3 프레이밍효과 9
• 3 이론프레임워크 12
• 3.1 플랫폼기반프레이밍환경 12
• 3.2 이론적세팅 15
• 4 데이터분석 20
• 4.1 개요 20
• 4.2 실증모형 24
• 4.3 분석결과 28
• 4.3.1 매도자와매수자의심리파라미터추정량 28
• 4.3.2 거부임계점과손실회피계수의관계 31
• 5 강건성분석 36
• 5.1 손실회피계수 λ에관한내적강건성 36
• 5.2 옥션참여자의심리파라미터에관한강건성 38
• 6 결론 39
• reference 43
• ABSTRACT 46