20:19 - Loss aversion
We evolved to have this trait of loss aversion to help us survive in lean years by holding onto the precious resources necessary for survivai.
5 Matching Annotations
- Jul 2022
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www.thegreatsimplification.com www.thegreatsimplification.com
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- Oct 2021
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www.theatlantic.com www.theatlantic.com
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What the world is seeing now, through the window provided by reams of internal documents, is that Facebook catalogs and studies the harm it inflicts on people. And then it keeps harming people anyway.
One of the flaws of Mark Zuckerberg's spectrum disorder is that he either has no sense of shame or his confirmation bias and loss aversion biases are incredibly large.
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- Sep 2020
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Local file Local file
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Knowing this, if you want someone to make a decision they might consider risky (like abandoning an age-old software platform for something that works), it helps to talk about the bad things that will happen if they don’t take the risk. They’re more apt to respond to that than if you talk about the good things that will happen if they take the risk. In fact, talking about positive outcomes makes people more risk-averse (http://bkaprt.com/dcb/03-12/).
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loss aversion. We are way more scared of losing what we have than excited about getting something new.
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- Aug 2020
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Carroll, P. (2020, August 20). The Cognitive Biases Behind Society’s Response to COVID-19 | Patrick Carroll. https://fee.org/articles/the-cognitive-biases-behind-societys-response-to-covid-19/
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