中文摘要：

损失厌恶是个体决策中所体现出来的一种普遍存在的特征．采用随机占优的方法，从理论上研究损失厌恶是否可以解释“好消息提前，坏消息延后”的现象因为不确定的消息所隐含的可能发生的损失将大大减少厌恶损失的个体的期望效用，我们发现损失厌恶可以很好的解释个体“好消息提前”的行为，但单纯的损失厌恶特征并不能解释“坏消息延后”的现象．随后，进一步对该结论进行了讨论，并探索性的给出了可能产生“坏消息延后”的另外一些原因．

英文摘要：

Loss aversion, an important characteristic in individual decision making, is used in this paper to try to explain why some people with good news have motivation to announce it early, while the other with bad news tends to delay the announcement. Because the possible loss embedded in the risky information will dra- matically decrease the expected utility of a loss averter, we find that loss aversion provides strong explanation for ＂good news early＂ as we have expected, but it fails to predict ＂bad news late＂. We explore the underlying reasons of the impact of loss aversion and provide other possible reasons which may result in ＂bad news late＂.