VALIDATION OF THE LOSS AVERSION SCALE AMONG YOUNG ENTREPRENEURS IN SOUTHERN NIGERIA: A PRELIMINARY STUDY

Authors

  • Obiajulu A. Ugochukwu Nnedum Department of Psychology, Faculty of Social Sciences, Nnamdi Azikiwe University, Awka
  • Onogoro Obaroakpo Akemu Department of Psychology, Faculty of Social Sciences, Nnamdi Azikiwe University, Awka
  • Ekwunife Gabriel Okafor Department of Marketing, Nnamdi Azikiwe University, Awka
  • Patrick Chinenye Okafor Department of Educational Foundations, Faculty of Education, Chukwu Emeka Odimegwu Ojukwu University, Igboariam Anambra State, Nigeria

Keywords:

validation, construct validity, Loss aversion scale, reliability estimates, entrepreneurs

Abstract

This study examines the preliminary validation of the Loss Aversion Scale among young entrepreneurs in the context of Southern Nigeria. Loss aversion, a fundamental concept in behavioral economics, refers to individuals' tendency to assign greater importance to potential losses compared to equivalent gains. Validating the Loss Aversion Scale within specific cultural contexts is essential for understanding decision-making processes, particularly among young entrepreneurs, and informing interventions that promote favorable outcomes. The study involved a diverse sample of young entrepreneurs from Southern Nigeria's entrepreneurial community and employed rigorous psychometric techniques to assess the reliability and validity of the scale. The findings provide robust empirical evidence for the applicability of the 8-item Loss Aversion Scale in the context of young entrepreneurs in Southern Nigeria, thereby contributing to the growing body of knowledge in behavioral economics and decision-making research in entrepreneurial settings.

Downloads

Published

26-06-2023

Issue

Vol. 4 No. 2 (2023): NNADIEBUBE JOURNAL OF SOCIAL SCIENCES

Section

Articles