Identifying Emotional Bias: Loss Aversion

Emily is an experienced financial advisor who has recently noticed that her clients tend to react emotionally to market fluctuations. In particular, during periods of heightened market volatility, clients exhibit signs of anxiety, which leads them to make hasty investment decisions. In light of this, Emily seeks to understand the emotional biases that influence her clients' behaviors. One specific emotional bias that often leads to poor decision-making in investments is the tendency to overreact to negative news, resulting in hasty selling of investments.

Which emotional bias best describes this tendency to overreact and make impulsive decisions during volatile market conditions?