The rash decision of Captain Van Zanten

Potential loss can make us behave irrationally

There are many instances where a perceived loss makes us behave irrationally. Here’s one of the many stories – of Captain Jacob Van Zanten – in connection to loss aversion. Captain Van Zanten was regarded as one of the most experienced and accomplished pilots in the world. He was head of KLM’s safety program, known for his attention to detail, methodical approach and a spotless record. He even featured in KLM’s ad which said KLM – the people who made punctuality possible. On one flight en route from Amsterdam to Las Palmas airport in Canary Islands, Spain, Van Zanten got an urgent message that a terrorist bomb had exploded at the Las Palmas airport. ….[READ]