Ep. 15 - Scarcity and Loss Aversion

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Noggin - The Simple Psychology Podcast

Ben Rasmussen & McKay Heaton

31 episodes

1 day ago

Scientific research is more accessible now than ever before. Research has the potential to help us live better, happier lives. However, it can be hard to find and hard to understand. We take relevant research and describe it in a simple and exciting way that can be understood by anyone who is looking to make positive changes in their life. Ben & McKay are students at Brigham Young University. We are studying psychology and neuroscience, and have multiple years of research experience as research assistants. Reach out to us at nogginpodcast@gmail.com

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Ep. 15 - Scarcity and Loss Aversion

Noggin - The Simple Psychology Podcast

31 minutes 28 seconds

3 years ago

Ep. 15 - Scarcity and Loss Aversion

We love to think that we act rationally most of the time, especially when it comes to the choices we make with our money. However, behavioral economics tells us that humans are notoriously irrational when dealing with money. Today we dive into two basic behavioral economic principles and discuss things to be aware of when it comes to money.

References:

Worchel, S., Lee, J., & Adewole, A. (1975). Effects of supply and demand on ratings of object value. Journal of personality and social psychology, 32(5), 906.

Novemsky, N., & Kahneman, D. (2005). The Boundaries of Loss Aversion. Journal of Marketing Research, 42(2), 119–128.