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Social Studies skills: Difference between revisions
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→Law of averages
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** "regression to the mean" | ** "regression to the mean" | ||
* see: https://www.britannica.com/science/law-of-large-numbers | * see: https://www.britannica.com/science/law-of-large-numbers | ||
=== Loss aversion === | |||
* a psychological disposition to not want to lose out or not have something | |||
* loss aversion occurs when people give up something of value or that is functional in exchange for something new that isn't needed | |||
** ex. getting the latest cell phone even though your current one is working fine | |||
* loss aversion drives decisions by "not wanting to lose out" on something | |||
=== Necessary and sufficient conditions === | === Necessary and sufficient conditions === | ||