Irrationality
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Loss aversion in refers to a phenomenon where a real or potential loss is perceived by individuals as psychologically or emotionally more severe than an equivalent gain. For instance, the pain of losing $100 is often far greater than the joy gained in finding the same amount.
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Using a price anchor (e.g. dropping a certain number) causes people to attach to numbers.
The endowment effect refers to an that causes individuals to value an owned object higher, often irrationally, than its .
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by Daniel Kahneman
by Dan Ariely
by Investopedia
by Investopedia