Describing loss aversion in 1759 (Adam Smith)

๐Ÿ’Ž Describing loss aversion in 1759 (Adam Smith)

Pain […] is, in almost all cases, a more pungent sensation than the opposite and corresponding pleasure. The one almost always depresses us much more below the ordinary, or what may be called the natural state of our happiness, than the other ever raises us above it.
(Smith, 1759)

Excerpt from: Behavioral Economics (The Basics) by Philip Corr and Anke Plagnol

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