Although traditional models assume that the reduction in happiness from a very small decline in wealth should be approximately the same as the gain in happiness from a similar gain in wealth, the evidence tends to suggest that losses weigh much more heavily than gains. This is called loss aversion. It is also noted that losses are almost twice as influential as gains for minor changes but grows significantly at greater values. In terms of economic and non-economic policies, loss aversion implies that there is a large bias in favor of the status quo rather than change due to this fear. Discuss this concept as it affects you in your daily lives as well as the idea that loss aversion affects your behaviors.