> Some people would treat the loss of $X worse than the gain of $X is good
Most people. "Loss aversion refers to a cognitive bias in which the same situation is perceived as worse if it is framed as a loss, rather than a gain" [1].
> I'd pay $5 to avoid having to flip a $10k +/- coin
Risk aversion. Seemingly related, but in fact quite rational.
Most people. "Loss aversion refers to a cognitive bias in which the same situation is perceived as worse if it is framed as a loss, rather than a gain" [1].
> I'd pay $5 to avoid having to flip a $10k +/- coin
Risk aversion. Seemingly related, but in fact quite rational.
[1] https://en.wikipedia.org/wiki/Loss_aversion