Loss aversion and the sunk cost trap quietly erode returns and, paradoxically, help explain why momentum investing works.

Prospect theory has emerged as a pivotal framework in understanding travel choice behaviour under uncertainty, offering a nuanced perspective that diverges from traditional expected utility theory.

I am loss averse. I once almost went crazy looking for a wallet that I thought I had lost. As I ransacked the closets, checking every pocket, I got increasingly anxious. Thoughts of the money in the ...