Aug 17, 2018
Because this is a behavioral economics podcast, it is time to build our behavioral economics foundations. This is the first in a series of episodes where I dig deep into one concept at a time. Previous episodes have been about problems and concepts in business. Such as The Top 5 Wording Mistakes Businesses Make and The Truth About Pricing.
Today’s concept is loss aversion. When speaking about behavioral economics loss aversion is usually the first concept I introduce, and it is a great starting point for this podcast. In this episode, I share a cool study of how loss aversion works and then highlight the concept with several examples. These include examples from financial institutions, businesses coaches, interior designers, accountants and more. I also share how these examples can be used in your business.
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