The loss aversion bias refers to a strong preference to avoid loss than to acquire a similar gain.
My question is, when there is no gain to compare to, what cognitive principle is behind our dismay of loss.
Examples of losses include:
- I have lost a bracelet.
- I have spent 3 days on a proposal that was rejected by my boss.
- While working on a song, I have wrote lyrics that I feel are not great, but won't bin the lyrics due to the effort I've put in.
None of these seem to fall into the loss aversion principle it seems. So why we dislike loosing objects or time?