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CRITICAL THINKING – Cognitive Biases: Reference Dependence and Loss Aversion


Laurie Santos, a psychologist at Yale University, explains two of our classic economic biases: reference dependence and loss aversion. Using a classic scenario from Kahneman and Tversky’s studies, she explores how these two biases violate economic rationality and how they affect the choices we make every day.

[Source: Wireless Philosophy YouTube link]