Richard Thaler
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Appearances Over Time
Podcast Appearances
Right.
This is a phenomenon we call loss aversion, that if you have something, you're going to fight like hell to keep it.
Correct.
A plus.
Come on, brother.
Let me give you an example.
Suppose that your uncle dies.
Gives you an inheritance.
Sentimental.
Is it a mug or is it something different?
It's like a thousand shares of some stock.
Okay.
But my uncle gave it to me.
Your uncle gave it to you.
All right.
So you send it over to your wealth manager or broker or whatever.
All right.
And then the question is,
Do you keep them?
Let's ignore taxes.