Loss aversion—the concept that “losing something has a bigger impact on us than winning something”—has been around for over 40 years. But researchers are beginning to doubt its strength. In a normal loss aversion study, respondents would pay more to keep a mug than to get a new one. However, recent research suggests that a preference for inaction over action may be the cause. When asked how much they would pay to reclaim a mug that had already been taken from them, the subject’s loss aversion indicators vanished. Read full article here
Oddities
Why Do Modern Pop Songs Have So Many Credited Writers?
The music industry has changed dramatically over the last few decades – with the number of songwriters credited on number one hits more than doubling. This is due to a combination of factors, including money, the computer and a changing definition of what songwriting is. For example, if The Beatles’ classic “I Feel Fine” was released today, it would likely have four writers credited instead of two, due to the influence of producers, samples and interpolations. With the rise of lawsuits, artists now preemptively add songwriter credits to their songs, even if the similarities between their song and the source material are coincidental. It all goes to show that the music industry is becoming more complex and competitive. Read full article here
Merv
March 29, 2023
