The Power of Loss Aversion

Richard shot in and Ruby Southern on the podcast. Richard: It's bewildering that there's even a debate about whether this, of how big the overlap is into marketing because it's not even an overlap. You only have to look at basic human behavioral principles. He says we are victims of our own of these very same biases so there is a bias called the Semmel Vice Reflex which is the propensity to reject new information if it contradicts our existing beliefs or paradigms.