Second, being wrong hurts us more than being right feels good. We know from Daniel Kahneman and Amos Tversky's work on loss aversion, part of prospec… - Annie Duke

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Second, being wrong hurts us more than being right feels good. We know from Daniel Kahneman and Amos Tversky's work on loss aversion, part of prospect theory (which won Kahneman the Nobel Prize in Economics in 2002), that losses in general feel about two times as bad as wins feel good. So winning $100 at blackjack feels as good to us as losing $50 feels bad to us. Because being right feels like winning and being wrong feels like losing, that means we need two favorable results for every one unfavorable result just to break even emotionally. Why not live a smoother existence, without the swings, especially when the losses affect us more intensely than the wins?