OAKLAND, Calif. — We hate losing more than twice as much as we enjoy winning.
That's the harsh reality according to psychologist Daniel Kahneman, who has extensively studied a concept called loss aversion. In a series of tests, Kahneman told the New York Times:
There is an asymmetry between gains and losses, and it really is very dramatic and very easy to see. In my classes, I say: 'I'm going to toss a coin, and if it's tails, you lose $10. How much would you have to gain on winning in order for this gamble to be acceptable to you?'
People want more than $20 before it is acceptable. And now I've been doing the same thing with executives or very rich people, asking about tossing a coin and losing $10,000 if it's tails. And they want $20,000 before they'll take the gamble.
Applying the principles of loss aversion to sports means we'd need to win more than two championships to make it worth gambling on a change to the makeup of a team that lost a title.
That task might seem even more daunting if you'd bl ...
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Article written by Kevin Ding