Imagine that for most of your life, you have been preparing for the Olympics. You are intensely competitive, and you badly want to win. But you know that in your event, only one person can win Olympic gold, and that only three can bring home a medal. Silver is better than bronze, of course; it's great to be third in the world, but it's even better to be second.
Or is it?
Research suggests that in the Olympics, those who finish third are likely to be a lot happier than those who finish second. The reason is that much of our thinking is based on counterfactuals. We like to ask: What else could have happened?
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