Loss aversion was studied in both riskless and risky choices among 660 customers of a car manufacturer. The researchers found that people tend to avoid losses more than they seek gains in both types of decisions. They also discovered that as people get older, wealthier, and have higher incomes, they become more loss-averse. Additionally, education level was linked to lower levels of loss aversion. Overall, the study supports the idea that loss aversion is a real phenomenon that affects how people make choices.