Loss aversion is twice as effective as a positive reward system. Use loss aversion to form good habits

Loss aversion is twice as effective as a positive reward system. Use loss aversion to form good habits

pin 3
Getting Married? Love Science? Here are Our Ten Research-Based Wedding Vows - | - Science of Relationships

Getting Married? Love Science? Here are Our Ten Research-Based Wedding Vows - | - Science of Relationships

pin 4
loss aversion

loss aversion

pin 1
Loss Aversion - the tendency for people to strongly prefer avoiding losses rather than acquiring gains. A by-product of this is Endowment Effect where people value the things they own more than identical products that they don’t own. In other words, people often demand much more to give up an object than they would be willing to pay to acquire it.

Loss Aversion - the tendency for people to strongly prefer avoiding losses rather than acquiring gains. A by-product of this is Endowment Effect where people value the things they own more than identical products that they don’t own. In other words, people often demand much more to give up an object than they would be willing to pay to acquire it.

pin 2
heart 1
From economics, the principles of loss aversion, sunk costs, and opportunity costs have great relevance for anyone trying to navigate their love life!

From economics, the principles of loss aversion, sunk costs, and opportunity costs have great relevance for anyone trying to navigate their love life!

Decision theory in economics, psychology, philosophy, mathematics, and statistics is concerned with identifying the values, uncertainties and other issues relevant in a given decision, its rationality, and the resulting optimal decision. It is closely related to the field of game theory as to interactions of agents with at least partially conflicting interests whose decisions affect each other.

Decision theory in economics, psychology, philosophy, mathematics, and statistics is concerned with identifying the values, uncertainties and other issues relevant in a given decision, its rationality, and the resulting optimal decision. It is closely related to the field of game theory as to interactions of agents with at least partially conflicting interests whose decisions affect each other.

pin 2
Learn about the fascinating cognitive bias 'loss aversion' and how you can work around it to live a fuller life.

Learn about the fascinating cognitive bias 'loss aversion' and how you can work around it to live a fuller life.

pin 1
heart 2
Pinterest • The world’s catalogue of ideas
Search