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My favorite quote so far, "when you framed the sure thing as a loss, people chose the gamble. When you framed it as a gain, people picked the sure thing. The reference point - the point that enabled you to distinguish between a gain and a loss - wasn't some fixed number. it was a psychological state. "What constitutes a gain or a loss depends on the representation of the problem and on the context in which it arises." Simply by changing the description of a situation, and making a gain seem like a loss, you could cause people to completely flip their attitude toward risk, and turn them from risk avoiding to risk seeking.
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