This is a Lexicon entry: the mechanism, when it shows up, and the countermeasure. The full correction, with real-world cases and the audit prompt, hasn't been written yet.
Definition
The paradox in which gold medalists are often less happy than silver medalists - gold medalists compare themselves to a perfect ideal, while silver medalists compare themselves to bronze, feeling lucky.
When it shows up
Near-top achievers: Olympic silver medalists, runners-up, second-place finishers. The well-documented finding that silver medalists are often less happy than bronze.
Failure mode
Counterfactual comparison dominates. Bronze compares up to nothing (no medal) and feels grateful. Silver compares up to gold and feels like failure. The actual ranking is irrelevant; the nearest counterfactual drives the emotion.
Countermeasure
Notice the counterfactual your mind is using. Deliberately compare to the full distribution, not the nearest better outcome. The person below you matters as much as the person above.
Related traps
Also connected in the map7 more, locked
Credit & first seen
DiscoveredMedvec, V.H., Madey, S.F.&Gilovich, T. (1995).'When less is more: Counterfactual thinking and satisfaction among Olympic medalists.'Journal of Personality and Social Psychology 69(4), 603-610 source ↗
Also revealed
Entry #621 of 631 in The Lexicon · see the full Lexicon