One of the foundational ideas in behavioral economics is that psychologically, the “pain of losing something is about twice as powerful as the pleasure of gaining,” according to BehavioralEconomics.com’s encyclopedia of concepts. It’s the reason why we humans hold onto things in our closets that we aren’t wearing; why we pay for gym memberships that we aren’t using. We ask ourselves, “what if?” We tell ourselves, “maybe one day.” Loss aversion is the reason we see phrases like “last chance” or “hurry” in marketing campaigns so often. But for years now, marketers have been using these words to trigger responses…

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Source: The Next Web

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