This paper theoretically and empirically investigates asymmetric response tendencies to prices across the brand hierarchy, grounded in Prospect Theory. Loss aversion, as proposed in Prospect Theory (Kahneman & Tversky, 1979), demonstrates that perceived losses have a greater impact on consumer decision-making than perceived gains of equal magnitude, and this has been empirically verified by numerous researchers across various contexts. However, a substantial number of empirical studies yielding results contrary to the predictions of loss aversion also exist. This study proposes a theoretical framework to reconcile these contradictory empirical findings and seeks to extend loss aversion to a broader range of cases through empirical analysis. By introducing the concept of brand hierarchy, this study demonstrates the influence of brand hierarchy on perceived losses and gains. Price-related loss aversion occurs only when a brand is positioned low in the brand hierarchy, and does not manifest in the opposite case. This is because consumers find it "surprising" when a brand positioned low in the hierarchy is priced higher than expected, or when a brand positioned high in the hierarchy is priced lower than expected. Consumer expectations are explained through asymmetric expected price distributions according to brand hierarchy. Additionally, consumer confidence was introduced as a moderating variable.