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What Is Loss Aversion And How To Avoid This Bias

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However, the flip side presents us with a potentially unfortunate side effect—that it could have altered our risk-taking behavior.Read on to learn what loss aversion is and how you can avoid this bias.

Why is it important to have a healthy view of risk? Shouldn’t we approach life with caution to avoid making mistakes?I would say that, indeed, making careful, decisive choices will yield great results, so long as you can identify the line between being reasonably cautious and being downright fearful.

There are also certain patterns in decision-making that you must watch out for.To illustrate further, I present you with this example: Let’s say you meet a kind stranger who offers you your choice of a great deal with absolutely no tricks.

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