"We're going to talk about loss aversion, which risk aversion is essentially you don't want to risk anything, right? You don't like uncertainty, and you're willing to lose out big due to uncertainty and miscalculation. Loss aversion is when human beings really are essentially wired to dislike the loss of anything more than they like the gain of anything. It's more painful to lose something than gain it in the first place."
"The tech's been working there for like a decade, so they have ten years invested. And their sunk cost fallacy is I have all this time invested here; I can't leave."
Matt Fanslow and Bryan Pollock discuss the increasing role of technology in auto repair, the importance of following manufacturer guidelines, the need for a dedicated technology specialist, and the psychological aspects of decision-making in the industry, touching on loss aversion and the sunk cost fallacy.
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