Banana in the hand beats two on the tree.
From Science Daily: Humans’ Rational And Irrational Buying Behavior Is Mirrored In Monkeys
New Haven, Conn. — The basic economic theory that people work harder to avoid losing money than they do to make money is shared by monkeys, suggesting this trait has a long evolutionary history, according to a Yale University study under review by the Journal of Political Economy.
The next time you’re talking to a prospect or customer – remember that people typically have two reasons for making a decision – the one they tell you….and the real one. We like to think we’re always logical, rational and all that when it comes to “business” – but we’re also highly emotional and biologically hardwired to act certain ways.
Seems people are more prone to avoiding loss than working for gain. Makes sense – if that one banana is all that stands between you and starvation, why take the chance on getting more and ending up with nothing? Of course, if we want to take the risk, we’ll turn ourselves inside out to frame our decision as logical. (Remember all those times on Star Trek when Mr. Spock could find a logical reason to risk the ship and entire crew to save Captain Kirk yet again?)
For more on how we rationalize our decisions – read Business before Pleasure.
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