Academic here, it’s (1). Loss aversion is so popular that people think it underpins everything. Although loss aversion doesn’t show up in every dataset, it does show up (https://doi.org/10.1002/jcpy.1156) - even the “second paper” shared by Kaj just says it appears sometimes. But does that mean it explains all these other findings? No! But some reviewers or authors think “isn’t that just loss aversion?” and it seems authors take the easy route to publication (or just aren’t well-read enough) instead of probing the psychological source of their findings more seriously. For example, loss aversion was the classic explanation for the endowment effect, but research in the last couple decades has generated results that loss aversion cannot really explain and that other theories readily explain, yet LA is sometimes still cited as the explanation the authors endorse.
Academic here, it’s (1). Loss aversion is so popular that people think it underpins everything. Although loss aversion doesn’t show up in every dataset, it does show up (https://doi.org/10.1002/jcpy.1156) - even the “second paper” shared by Kaj just says it appears sometimes. But does that mean it explains all these other findings? No! But some reviewers or authors think “isn’t that just loss aversion?” and it seems authors take the easy route to publication (or just aren’t well-read enough) instead of probing the psychological source of their findings more seriously. For example, loss aversion was the classic explanation for the endowment effect, but research in the last couple decades has generated results that loss aversion cannot really explain and that other theories readily explain, yet LA is sometimes still cited as the explanation the authors endorse.