Psychology

Loss aversion

Losing something hurts more than gaining the same thing pleases, so showing what we stand to lose moves us more than a promise of gain.

1915–2023Updated 26 October 2026

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Loss aversion: where it comes from

Daniel Kahneman and Amos Tversky found that losses weigh more heavily than equal gains: losing £100 feels worse than winning £100 feels good (Kahneman and Tversky, 1979). The work later won Kahneman the Nobel prize in economics.

In ads it shows up as what you stand to lose: your health, your money, your time, a life or a chance that won't come again.