Airplane Seat Switching and The Endowment Effect: Having Empathy and Understanding Our Own Fallacies
Loss aversion, or the endowment effect, is a cognitive bias that describes why, for individuals, the pain of losing is psychologically twice as powerful as the pleasure of gaining. Once you recognize the endowment effect or loss aversion, you will begin t
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Show Notes
Loss aversion, or the endowment effect, is a cognitive bias that describes why, for individuals, the pain of losing is psychologically twice as powerful as the pleasure of gaining. Once you recognize the endowment effect or loss aversion, you will begin to see it more frequently. From switching airplane seats to company changes.
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