The somewhat limited evidence provided to argue for a lack of loss aversion seems perhaps more likely related to a common misunderstanding of statistics than strong evidence that loss aversion does not exist.

Ask salespeople at a registered investment advisory firm whether their phones ring a lot more when the market is experiencing a correction (they do). It’s because their clients are experiencing real anxiety/anguish from seeing their paper losses. They’re generally not making congratulatory calls when the market is up sharply.