ChrisHardman29

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Happiness or wellbeing are such difficult concepts to measure and compare that I don't think you can ever arrive at a specific, generally-applicable ratio. But that doesn't mean that being aware of loss aversion (and the way it may be shaping your assessment of a decision) isn't helpful in reaching better outcomes.

I agree re regretting inaction. There are lots of nuances in how this seems to work as well - see https://psycnet.apa.org/doiLanding?doi=10.1037%2Femo0000326.

It does address the potential role of a number of biases, including self-deception / rationalising. As a result it compares responses against third party assessments (finding little evidence of self-deception being a major factor).

I agree that decisions aren't typically binary but I suppose even if you are actively researching after 6 months, for the purposes of this comparison you have remained with the status quo.

Interesting point. I haven't read that but maybe the appropriate approach depends on the situation / level of uncertainty. For example, in situations where we have little clarity on the options or what the outcomes will look like, it perhaps makes sense to resist any urge to take action because we can't make any sensible comparison between the change and the status quo (and 'action bias' may be more of a factor). In other situations, like leaving one job to go to another, we have a better (though definitely imperfect) idea of what the options / outcomes look like and so may be better placed to make a comparison (in which case loss aversion may be more important). This is just a theory though - I may be totally wrong!