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Losing hurts more than winning feels good
Fearing the loss
Larry Ellison is addicted to winning and fears losing more than he loves winning. Michael Dell feels the same: the pain of losing is far worse than the good feeling of winning.
Losing to get anywhere
The asymmetry is real, and it doesn't make anyone want to stop. To get anywhere, you have to lose a lot. The people who reached the top got there by losing often and collecting their share of wins along the way, by putting themselves out there and doing a lot.
Scott Wu's version
Scott Wu is the same: he has hated losing since he was a kid, and it drives his work building Cognition. Losing feels much worse than winning feels good, but never by enough to make him stop trying.
How did Kahneman and Tversky measure loss aversion?
Daniel Kahneman and Amos Tversky published prospect theory in 1979. They offered people choices between gambles and found that a loss weighed about twice as heavily as a gain of the same size. The finding has been replicated in many studies since. Kahneman received the 2002 Nobel Memorial Prize in Economic Sciences for the work.
How do baseball hitters live with failing?
A batting average of .300 means a hitter gets a hit in three of every ten at-bats. That is considered excellent in professional baseball. The best hitters in history have still made outs about six or seven times out of ten. Ted Williams hit .406 in 1941, the last major-league season in which any player finished above .400.
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