For the same plan, saying “200 people saved” or “400 people die” flips what people choose. That is the framing effect.
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Behavioral economics
Irrational choices
Anchoring in 3 min
On loss aversion
Everyday anchoring
Prospect theory
Lecture notes
- Behavioral economics
- Irrational choices
- Anchoring in 3 min
- On loss aversion
- Everyday anchoring
- Prospect theory
- Lecture notes
2
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行为经济学导论
Behavioral Economics: An Introduction
3.2 损失厌恶
3.2 Loss aversion
损失比收益更显著：失去带来的痛苦，大约是得到同等收益时快乐的两倍。
Losses loom larger than gains: the pain of losing is felt roughly twice as strongly as the pleasure of an equal gain.
因此，人们常常拒绝公平的赌局，也不愿卖出亏损的投资。
As a result, people often turn down fair gambles and hold on to losing investments.
3.3 框架效应
3.3 Framing effects
同一个选择，表述成收益还是损失，会让人做出不同的决定。
The same choice can lead to different decisions depending on whether it is framed as a gain or a loss.
- 06:02
Let’s start with a simple bet.
- 06:15
Flip a coin: heads you win $150, tails you lose $100.
- 06:24
On average you come out ahead, yet most people turn it down.
- 06:33
Losing $100 hurts more than winning $150 feels good.
Loss aversion
Reference points
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The coin-flip bet
most people turn it down
Irrational choices06:243
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7 sources
Map the key concepts across these 7 sources and how they relate, with sources.
Mapping 7 sources
Mind map
Behavioral economics
- Loss aversionBehavioral economicsCh. 3Irrational choices06:24The coin-flip bet
- FramingOn loss aversion12:40Lecture notesp.14
- AnchoringEveryday anchoring§1Anchoring in 3 min01:10Price anchors
- Reference pointsProspect theory§2Behavioral economicsCh. 4
4
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Folding in new ideas
Behavioral economics
- Loss aversionAdds the endowment effect example.
- FramingMoved under loss aversion; they often appear together. Moved
- NudgesNew idea: change how options are shown, not which exist. Added
- DefaultsOnly one example so far. Thin evidence. Added
- Old note: rational actorsCovered by the new chapter. Deleted
Loss aversion
Edited
Losing hurts more than gaining feels good.
Losing hurts more than gaining feels good, and once something is ours, we hate to give it up (the endowment effect).
Added
New example: owners of a mug ask far more to sell it than others will pay to buy it.
Deleted
This only applies to money.