Political Psychology Lesson # 2 - Why we vote defensively
The human mind is funny and fascinating. We are designed with systematic biases for specific purposes. Usually these biases actually work in our favour but often the errors that they cause can be significant and when I say errors, I'm not just talking about occasional goofs, these are predictable patterns of error. Something Dan Ariely calls being "predictably irrational". In today's post I want to talk about a strong bias that we all have which is often called the "loss aversion" bias. The principle here is that we weigh potential losses as more severe than an equal amount of potential gain. We are more afraid of potential suffering than we are excited about potential pleasure. An example would be someone who invests in a low-risk guaranteed return rather than a higher risk but higher return investment. When we lose $100 it hurts about twice as much as winning $100 feels good. What does this have to do with politics? Political parties know that to mobil...