Loss aversion usually changes exit behavior long before it changes stated beliefs. Core idea: People rarely say "I cannot accept this loss." They say "I still believe in the thesis." The behavior gives away what the emotion is doing. Why it matters: That matters because unmanaged loss aversion often turns a review process into a delay process. In real life: A position can stay in the book because realizing the pain feels worse than carrying the uncertainty. Common slip: The mistake is confusing emotional reluctance with analytical patience. Try this: If you had to teach this without jargon, what would you tell someone to monitor first? The point is not to memorize the label. The point is to know what variable is actually doing the work.