DAN ARIELY

We make decisions based on the information that we have. However, we tend to be more reliant on the negative more than the positive. This causes two outcomes:

1. Risk aversion – where we prefer an assured outcome over a gamble with a higher expected outcome; and

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Our decisions are often altered by two subtle short-term emotions:

1. mere exposure to things we are used to: we like what’s familiar to us
2. loss aversion: losses are more painful than gains are pleasant.

Loosing sucks and we subconscio...

We weigh negatives twice as heavily as positives. This is similar to loss aversion: We prefer avoiding losses than acquiring equivalent gains.

Loss aversion focuses narrowly on losses and gains, however, while subjective magnitude broadly considers positive and negative events.