Loss Aversion - 2nd Post

Loss Aversion - 2nd Post

You likely experience this phenomenon daily. Ever purchased something knowing you’d likely return it, but the longer you keep it the more attached you get? Sending the item back now feels like a loss. The longer we’ve waited to be seated at a restaurant, the harder it becomes to leave, as it feels as if the time we’ve invested would then be lost. The more we try to fit a new couch through a too-narrow entryway, the less inclined we are to give up and accept that we need a smaller couch, and the more steadfast we become in making it fit. It seems that sometimes we will persist with a belief or course-of-action long after it is rational to do so: we feel trapped by what we have already committed.

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