Loss aversion is powerful. People feel the pain of losing $1... - Richard Thaler

"Loss aversion is powerful. People feel the pain of losing $10 more intensely than the pleasure of gaining $10."

Richard Thaler

Economist Psychologist American Born 1945 (age 81)

More from Richard Thaler

"Mental accounting is how people organize, evaluate, and process financial activities."

"People are not always rational. We make systematic mistakes."

"The most important thing to realize is that we are all irrational some of the time."

"Behavioral economics is the study of human choice."