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Monday 15 March 2010

Advertisers often play on something psychologists call Loss Aversion. Loss Aversion is an aspect of Prospect Theory, a theory that seeks to determine why people make certain decisions. Loss Aversion suggests people are more motivated to avoid losing something than they are to acquire something new. For instance, in a study done on a street in Las Vegas, passers by were given a twenty-dollar bill and then given the opportunity to double their money by betting on a single card. They could walk away with the twenty, or double their money. Most participants chose to walk away from the game, keeping the twenty-dollar bill they had just been given. But when the game was changed and the participants were given forty dollars, only to have twenty taken back a moment later and then given a chance to win back the twenty taken from them, nearly all participants decided to take the same risk and get back what they had lost. In other words, when they had something and lost it, they were more inclined to try to get it back. It isn’t only advertisers who play on this psychological phenomenon, it’s politicians and talk-show hosts and nearly anybody trying to convince anybody of anything. How many times have you heard the phrase “take back our country” or, within the church “take a stand for Biblical theology” or this kind of language. The idea is to convince a group of people they are losing ground. This creates a powerful response in whatever demographic feels like they are losing something. Environmentalist motivate us by emphasizing the loss of physical paradise, and the conservative right motivates us by emphasizing a loss of freedom. Regardless of where you stand, we can all agree these are powerful motivating forces. Donald Miller

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