Loss Aversion 1. Studies show that people hate losses twice as much as they enjoy gains? Is that… 1 answer below »

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Loss Aversion

1. Studies show that people hate losses twice as much as they enjoy gains? Is that consistent with your experience?

2. Have you ever been caught off guard doing something you probably shouldn’t have been doing (eating the last cookie in the cookie jar, peeking in someone’s diary, touching your mother’s jewelry) and when surprised with the question: "What are you doing?", quickly and almost automatically (and falsely) said: "Nothing!"

3. A recent study found that when people were under time pressure, they were more willing to cheat to avoid losses ("losing the sale") than to accrue gains ("getting the sale"). Do you think that is how you would react?

4. Can you think of any situations where you or someone you know may have made decisions affected by loss aversion?

5. What steps can people take to minimize the chance that loss aversion will help lead them to act unethically?

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