regulatoryBody NABARD Grade A Prelims Mock Test 2024 Management Concepts of Management Decision Making
In the context of the "Prospect Theory," what does the term "loss aversion" refer to?
1
The tendency to avoid losses over acquiring equivalent gains
2
The tendency to maximize potential gains while ignoring losses
3
The preference for uncertain rewards over guaranteed losses
4
The cognitive bias that favors complex decisions over simple ones
5
The inclination to accept small losses to avoid larger risks