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The Morality of Loss Aversion

26 May 2024 at 10:12

Why do we admire the correction of a wrong more than a hundred implementations of the right? We seem to expect the latter so much that we take it for granted.

Why is that most of our fiction, stories and movies celebrate violence in the guise of punishing the wrong doer far far more than very non-violent acts worthy of appreciation? Is it because fiction exaggerates the rare which is what we like to see, rather than commemorate the good which is somehow boring by frequency.

We see the same in art. A hundred beautiful swans is not worthy of appreciation - they are merely decorative, but one swan among crows or pigeons or ducks is considered worthy?

People go on forest tours to see lions and tigers and rhinoceros and deadly animals in the wild but take no cognizance of cows and sheep and hens and cats and dogs etc which are part of  our daily lives. We enjoy flower shows of rare flowers much more than the dozens of beautiful flowers we use and see all around us daily. In an era of plentiful cheap but still excellent music, vast numbers of us would rather pay a huge amount to see a concert in person. Same with sports. The primary reason is excellence and rarity, obviously; but why do excellent things lose their specialty simply by being common?

I can understand rarity is why we appreciate beauty, why do we appreciate cruelty or ferocity or brutality - simply because it is rare?

This seems to pervade human experience across cultures and across time and across a wide variety of philosophical perception and influence. 

Economics have noted the phenomenon called "loss aversion." The vast majority of people are far more offended when they lose something of even small value than they are delighted when they gain something of much higher value. For example, people feel worse about losing ten rupees than they feel happy unexpectedly getting something worth hundred rupees, even unexpectedly.

What I have described before this seems to be a variation of this "loss aversion" concept, except in other fields. In almost every field of life.


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