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The research methodology is relatively intriguing though. The researchers use 54 participants who played 44 trials of a gambling game. The gain would be 5 cents if the suit they guessed is top ranked, 25 cents if ranked second, lost 25 cents if ranked third, and lost 50 cents if ranked fourth; the amounts were doubled after 25 trial. What is interesting about this methodological feature is that people do not really experience loss aversion or fear to gamble if they are dealing with small amounts, much less, the subliminal knowledge that they do not own the money but was only given to them for the experiment. And they were also aware that they are participants of a study. Thus, the predicted losses and gains or even the experienced losses and gains will not really produce significant hedonic impact on the players because they do not have strong connection to the money used in gambling.
The research found that participants have really experienced loss aversion: they noted that losing produces more hedonic effect than winning an equal amount or even when the amount gained is relatively higher. But it was later found that losing did not really have that much significant impact because they reframed the loss positively. These findings can be used not just for gamblers to maintain a positive mind set when going gambling tasks but also in real life application: people who tend to avoid risk or failure may not take risks at all because they are afraid of how they might react to their predicted failure or success. If they are assured that predicted failures and experienced failures produce dissimilar affect in that experienced failures can be overturned, it can be a great way to enhance confidence. Thus, loss aversion is an affective forecasting error.
The research findings also provide detrimental application. You can use the result findings to corporal settings: by citing loss aversion as a psychological illusion that prevents a team or organization from pursuing bigger things or from taking risks. Oftentimes, in a competitive environment like in a business organization, people tend to shy away from setting ambitious goals for fear of failing. If these research findings are translated well into marketing concepts that improve positive mind set, it could lead to more accomplishments.
I am particularly interested in the findings that loss aversion can be just an illusion because predicted losses or gains do not really have significant emotional impact on the person. If that is the case, then it is true that it is only a property of affective forecast rather than a property of affective experience. So, I would like to extend this research by hypothesizing that stage fright – the most common phobia of all – can simply be a property of affective forecast, which has no realistic qualification at all. Can loss aversion explain why people tend to fear speaking in front of an audience and how this fright may have only arisen from assumptions or predictions rather than reality?

Work Cited Page

Kermer, Deborah et al. “Loss Aversion Is an Affective Forecasting Error.” Psychological
Science 17.8 (2006): 649-653. Print.