Loss Aversion
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Loss Aversion
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About this listen
Why does losing something hurt more than gaining the same thing feels good? In this episode of Circuit Breaker: Rewiring Your Decisions, we explore loss aversion - the psychological bias that makes losses feel more powerful, painful and important than equivalent gains.
Discover how fear of loss shapes decision-making and behaviour; why we cling onto what we already have; and how to overcome this bias to get rid of old ideals and create space for improvement.
Studies and Links:
Why do we buy insurance? | The Decision Lab Loss Aversion - The Decision Lab
Why do we value items more if they belong to us? | The Decision Lab Endowment Effect - The Decision Lab
Why are we likely to continue with an investment even if it would be rational to give it up? | The Decision Lab The Sunk Cost Fallacy - The Decision Lab
Loss aversion in riskless choice: a reference-dependent model | Amos Tversky and Daniel Kahneman | Oxford University Press | UFL Loss Aversion in Riskless Choice: A Reference-Dependent Model