Gain-loss asymmetry in delay and effort discounting of different amounts.

Loss aversion entails that people attribute greater weight to losses than to equivalent gains. In terms of discounting, it is reflected in a higher discounting rate for gains than for losses. Research on delay discounting indicates that such gain-loss asymmetry may depend on the amount of the outcome being considered. Consequently, here we address the question of how gains and losses are discounted in delay or effort conditions (physical or cognitive) across four outcome amounts. Our results replicate previous findings for intertemporal choices by showing that losses are discounted more slowly than gains, but only for smaller amounts-with no evidence of an asymmetrical evaluation for larger amounts. In physical effort discounting, we found an inverse asymmetry for the smallest amount tested (gains are discounted less steeply than losses). However, this effect was absent for larger amounts. We found no evidence to support a gain-loss asymmetry in the evaluation of gains or losses in cognitive effort. Overall, our findings indicate that loss aversion may not be as pervasive as previously expected, at least when decisions are effort-based.