Chapter
The Psychology of Humans' Aversion to Risk-taking
1:09:21 - 1:12:28 (03:07)
Humans may have an irrational fear of risk-taking due to evolutionary reasons, leading them to avoid otherwise potentially beneficial situations. For instance, many people would not participate in a game where the numbers indicate that the reward is higher than the risk of loss.
Clips
Even when the numbers are in your favor, the fear of losing money can prevent people from engaging in risky bets due to aversion and irrational evaluations.
1:09:21 - 1:11:28 (02:06)
Summary
Even when the numbers are in your favor, the fear of losing money can prevent people from engaging in risky bets due to aversion and irrational evaluations.
ChapterThe Psychology of Humans' Aversion to Risk-taking
EpisodeEp 45: Nick Ganju on The Majesty of Ping Pong, Poker, and How to Write Hit Songs
PodcastThe Tim Ferriss Show
People tend to stick to what they've already paid for, even if it's less enjoyable, as demonstrated by a tennis club where outdoor courts were free, but indoor courts were priced and booked three weeks ahead of time.
1:11:28 - 1:12:28 (01:00)
Summary
People tend to stick to what they've already paid for, even if it's less enjoyable, as demonstrated by a tennis club where outdoor courts were free, but indoor courts were priced and booked three weeks ahead of time. Even on perfect sunny days when the outdoor courts were empty, people would stick to playing indoors because it's what they had already paid for.