3 ms·
In behavioral economics this is known as loss aversion: http://en.wikipedia.org/wiki/Loss_aversion http://en.wikipedia.org/wiki/Loss_aversion In a nutshell it'
by technotony 14y ago
In behavioral economics this is known as loss aversion: http://en.wikipedia.org/wiki/Loss_aversion http://en.wikipedia.org/wiki/Loss_aversion
In a nutshell it's this: They now have $1000 in the bank, and worry more about losing that than winning an additional $1000.
- 001sky 14y agoThere is a social-status related concept in psychology as well. it is implicitly assumed that hierarchy, seniority, and weatlth are linear functions of time. going backward is a (rare) and thus high information datapoint. it is therefore, actively avoided. TLDR the consequences of actions are more complex.