Everyone likes to win, of course, and nobody likes to lose. However, for there to be a winner, there must necessarily be a loser. Winning is something that feels very good, while when you lose the opposite happens. In this article we are going to discuss the concept of loss aversion and risk in gambling. Understanding the psychological aspect that leads us to gamble can be a good way to avoid unnecessary risks and minimize losses..
What happens in humans when they win and lose? Why does winning feel better than losing?
As humans, part of the answer lies in our biology. Testosterone, a hormone associated with dominance and aggression in both men and women, runs through our bloodstream.
Testosterone makes us feel powerful and potent. When we win, our testosterone levels are higher than when we lose, one of the things that helps us understand why we feel powerful and potent when we win, and why we feel agony when we lose..
At the same time, two important brain chemicals come into play in biology, dopamine and norepinephrine. The brain reacts differently when we get a reward or when we are denied.
The dopamine It is a chemical substance that influences our experience of feeling positive emotions, activating when we obtain a victory.
Instead, the norepinephrine regulates negative experiences, and can influence the sense of agony felt in defeat. However, beyond the biological reactions to the experience of winning or losing, lies the social experience, which teaches us to live the gains and losses with different philosophies. I mean, are we good losers or bad losers? What kind of winners are we?
The psychologists Amos Tversky and Daniel Kahneman demonstrated through their studies that losing is twice as strong for us as winning.
This theory is called "aversion to losing”, And explains the tendency that people have to prefer not to lose than to win. This also causes people to fear risk in order to avoid a loss, even if it means losing the opportunity to make a profit.. Human beings have an inherent fear of losing, so we will do everything possible to minimize risks and avoid losing.. However, this is also linked to the way people regulate their emotions as well as the subjectivity linked to what is considered risky or not.
Another possible reaction to loss is when you compare a certain loss against a greater loss that is just a probability.. By decreasing sensitivity, it may happen that risk taking increases.
They focus on potential earnings, fantasizing in a pot, which will end your losses. These types of people or occurrences are so emotionally involved that they are unable to realize that their losses continue to increase. That is, humans often maximize the reward they hope to get from betting, however they have a tendency to modify their betting strategies depending on how they feel about it.. If they have a good losing streak, they feel that now they have to win even though the odds of the game have not changed.
When bettors enter a casino, they usually already do so with a defined sum that they are willing to put at risk. But, once money has been won or lost, the attitude towards money changes.. The losers they have a tendency to start taking more risks. Instead, winners begin to behave protectively of the money earned. The bigger the gain, the bigger the loss.
Understanding what lies behind losing or winning can lead us to reflect on what kind of losers and winners we are. As they say, it may be that the worst defect of a winner is not knowing how to lose.
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