Gilovich et al. (1995) found that bronze medalists in the 1992 Summer Olympics were happier than the silver medalists: The silver medalists focused on the disappointment of finishing second rather than first. Gilovich et al.'s (1995) results provide evidence for:

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Gilovich et al.'s findings illustrate counterfactual thinking because the silver medalists were thinking about "what might have been" if they had won gold, while bronze medalists were likely thinking about how they almost didn't win a medal at all, making them happier with their achievement. Counterfactual thinking involves imagining alternative outcomes to events that have already occurred, often focusing on how things could have been better or worse.

Gilovich Et Al