Instructional Video

Khan Academy: Cognitive Biases: Reference Dependence and Loss Aversion

Curated by ACT

Laurie Santos, a psychologist at Yale University, explains two of our classic economic biases: reference dependence and loss aversion. Using a classic scenario from Kahneman and Tversky's studies, she explores how these two biases violate economic rationality and how they affect the choices we make every day.

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amos tversky, daniel kahneman, decision making, judgement, khan academy, khan academy: cognitive biases: reference dependence and loss aversion, decision making and judgment, risk and risk tolerance
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Classroom Considerations
  • Knovation Readability Score: 4 (1 low difficulty, 5 high difficulty)
  • The intended use for this resource is Instructional