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Tag: loss aversion

Your Future-Self is Better at Taking Risks

Confronted with risks and gambles, people often make irrational decisions. This is no surprise—but what makes many of these errors in rationality so interesting is that we make them systematically. We are, to steal Dan Ariely’s words, predictably irrational.  One well-researched phenomenon is loss-aversion. Simply put, we prefer to avoid losses more than we enjoy equivalent…

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Relinquish Control and Embrace Uncertainty

In every moment of every day, we’re making predictions. Those predictions are mostly unconscious–we expect to see our bed when we walk into the room, we expect to get running water when we turn the tap, we expect our partners voice to sound the same as we remember it. As Benedict Carey writes: “The brain…

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