5 ms·

It's basic loss aversion https://www.investopedia.com/terms/l/loss-psychology.asp https://www.investopedia.com/terms/l/loss-psychology.asp > While probably tru

It's basic loss aversion https://www.investopedia.com/terms/l/loss-psychology.asp https://www.investopedia.com/terms/l/loss-psychology.asp > While probably true in general, there are some cases where it's obviously not true (like the parachute example - if you haven't hit the ground, you're opening your chute too early). Yeah, it depends on the size of the downside in the risk. I should nick myself shaving once in a while? Ok, fine. I should miss a flight once in a while? You must be joking. No way, pal. A person who travels for business twice a week on the company expense should miss a flight once in a while? Yeah ... ok, that might just work for them.

Dylan16807 5y ago
> I should miss a flight once in a while? You must be joking. No way, pal. If the number of samples is very low then the saying wouldn't apply yet. If you do self-fund a lot of flights then yes way, pal. Wasted unpleasantly-spent time is money too, if there's enough of it. Let's make it a direct tradeoff. How many extra hours in an airport is worse than missing a flight? I'm sure there's a number for that. I bet the vast majority of people would answer within an order of magnitude of 100 (so between 10 and 1000 hours).
- theaeolist 5y ago
  At the airport I don't merely sit and wait. I catch up on email and paperwork, maybe start watching a movie. It's not wasted time so I don't mind being there 30 mins extra for safety.
  - SideburnsOfDoom 5y ago
    Only 30 minutes? I would never cut it that fine.
- dagw 5y ago
  The cost of "missing a flight" varies hugely. In some cases it just means I arrive 3 hours late to a meeting I wasn't that interest in being at in the first place. In other cases it means I miss my connecting flight, have to pay out of pocket for a new flight and a hotel and miss one day of my big holiday that I've been looking forwards to all year.
  - Dylan16807 5y ago
    Well the suggestion wasn't that you cut every flight closely, it's more that you should bring your average down. For the purpose of the direct trade-off, pick a median flight.
    - dagw 5y ago
      I also guess that people who hold those opinions mostly travel for work, don't pay for their own tickets and have the sort of job where showing up a bit late for meetings once in a while won't get you fired. So for them missing a flight is like me missing a buss. For most people their 'median' flight is taking them to their special vacation they've been saving up for and planning for years.
      - Dylan16807 5y ago
        Well again "If the number of samples is very low then the saying wouldn't apply yet." If you'd trade x hundred hours for a missed flight, and cutting that close would have only saved you 15 airport hours in your entire life, then you're doing fine! > For most people their 'median' flight is taking them to their special vacation they've been saving up for and planning for years. If you go on at least one flight a year, you can name a number of hours. It'll just be higher than business guy. If you don't even fly that much, then you're exempt from question.
- SideburnsOfDoom 5y ago
  > Wasted unpleasantly-spent time is money too, if there's enough of it. Ah, but with access to a good airport lounge, the extra time there is quite pleasantly spent. And YMMV, but for me, time spent stressed about being late for a flight is extremely unpleasantly spent.

Dylan16807 5y ago

> I should miss a flight once in a while? You must be joking. No way, pal. If the number of samples is very low then the saying wouldn't apply yet. If you do self-fund a lot of flights then yes way, pal. Wasted unpleasantly-spent time is money too, if there's enough of it. Let's make it a direct tradeoff. How many extra hours in an airport is worse than missing a flight? I'm sure there's a number for that. I bet the vast majority of people would answer within an order of magnitude of 100 (so between 10 and 1000 hours).

theaeolist 5y ago
At the airport I don't merely sit and wait. I catch up on email and paperwork, maybe start watching a movie. It's not wasted time so I don't mind being there 30 mins extra for safety.
- SideburnsOfDoom 5y ago
  Only 30 minutes? I would never cut it that fine.
dagw 5y ago
The cost of "missing a flight" varies hugely. In some cases it just means I arrive 3 hours late to a meeting I wasn't that interest in being at in the first place. In other cases it means I miss my connecting flight, have to pay out of pocket for a new flight and a hotel and miss one day of my big holiday that I've been looking forwards to all year.
- Dylan16807 5y ago
  Well the suggestion wasn't that you cut every flight closely, it's more that you should bring your average down. For the purpose of the direct trade-off, pick a median flight.
  - dagw 5y ago
    I also guess that people who hold those opinions mostly travel for work, don't pay for their own tickets and have the sort of job where showing up a bit late for meetings once in a while won't get you fired. So for them missing a flight is like me missing a buss. For most people their 'median' flight is taking them to their special vacation they've been saving up for and planning for years.
    - Dylan16807 5y ago
      Well again "If the number of samples is very low then the saying wouldn't apply yet." If you'd trade x hundred hours for a missed flight, and cutting that close would have only saved you 15 airport hours in your entire life, then you're doing fine! > For most people their 'median' flight is taking them to their special vacation they've been saving up for and planning for years. If you go on at least one flight a year, you can name a number of hours. It'll just be higher than business guy. If you don't even fly that much, then you're exempt from question.
SideburnsOfDoom 5y ago
> Wasted unpleasantly-spent time is money too, if there's enough of it. Ah, but with access to a good airport lounge, the extra time there is quite pleasantly spent. And YMMV, but for me, time spent stressed about being late for a flight is extremely unpleasantly spent.