The Introduction of Loss Aversion and Applications in Business, Sports and Government

Abstract

The theory of loss aversion has been developed for a long time. Loss aversion has been widely used in real life and our economic development. This article provides a detailed introduction to loss aversion in behavioral economics. To give people a better understanding, this article will show three applications which are including business, sports and government so that prove loss aversion makes people more afraid of losing than gaining. We believe that this paper will make everyone better understand their hesitant behavior in making decisions and avoid big losses due to small mistakes. This paper puts forward some suggestions to provide some reference for everyone to make better decisions in government departments.

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