Exploring the Loss Aversion Scale's psychometric properties in Spain.

Area of Science:

• Psychology
• Decision Science

Background:

• Loss aversion, the tendency to prefer avoiding losses over acquiring equivalent gains, is a key concept in decision-making.
• The Loss Aversion Scale (LAS) measures this construct, but its psychometric properties require validation across diverse populations.

Purpose of the Study:

• To validate the Spanish translation of the Loss Aversion Scale (LAS) for use with Spanish university adults.
• To assess the psychometric properties, including validity and reliability, of the LAS in a Spanish context.

Main Methods:

• Content validity was assessed through substantive validity (N=24).
• Internal structure and association analyses were conducted on a larger sample (N=766) of Spanish university students (aged 18-35).
• Statistical analyses examined the scale's dimensionality, reliability, and correlations with social desirability.

Main Results:

• The LAS demonstrated adequate validity and reliability as a one-dimensional measure in the Spanish university sample.
• Items 5 and 8 of the LAS were removed due to moderate correlations with social desirability.
• The adjusted scale is deemed suitable for general Spanish population samples.

Conclusions:

• The Loss Aversion Scale (LAS) is a valid and reliable instrument for measuring loss aversion in Spanish university adults.
• Methodological control for social desirability is recommended when using the LAS.
• The findings support the LAS's applicability to broader Spanish populations.