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“In a notable study from the 1990's, researchers examined counterfactual thinking and contract effects in silver and bronze medalists at the 1992 Summer Olympics. What they discovered was that silver medalists tend to feel worse than bronze medalists because the most salient counterfactual thought after winning silver is, I could have won gold, whereas the most salient counterfactual thought after winning bronze is, I could have not placed. As the researchers put it, "Imagining what might have been can lead those who do better to feel worse than those they outperform.” — Katherine Morgan Schafler
In a notable study from the 1990's, researchers examined counterfactual thinking and contract effects in silver and bronze medalists at the 1992 Summer Olympics. What they discovered was that silver medalists tend to feel worse than bronze medalists because the most salient counterfactual thought after winning silver is, I could have won gold, whereas the most salient counterfactual thought after winning bronze is, I could have not placed. As the researchers put it, "Imagining what might have been can lead those who do better to feel worse than those they outperform.