# Loss Aversion
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In cognitive science and behavioral economics, 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. It should not be confused with risk aversion, which describes the rational behavior of valuing an uncertain outcome at less than its expected value.
When defined in terms of the pseudo-utility function as in cumulative prospect theory (CPT), the left-hand of the function increases much more steeply than gains, thus being more "painful" than the satisfaction from a comparable gain.
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Show Notes
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Action Item: Find one person you trust and ask them a question about whatever financial situation you are going through right now. Then share this episode with them so you both have a foundation to build on for your new money chats.
Summary
In this episode, I dive into the mental and emotional side…
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